The housing market has recovered slowly from the economic crisis of 2008. Recently, in one large community, realtors randomly sampled 40 bids from potential buyers to estimate the average loss in home value. The sample showed the average loss was $8971 with a standard deviation of $1408. In 2011, the average home in this region of the country lost $8231 in value. Was the community studied by the realtors unusual? Use a t-test to decide if the average loss observed was significantly different from the regional average with 0.05 as the P-value cutoff level.

The average hourly earnings for a construction worker is projected to be $24.50 in 2012. jason wants to join the construction work force after he graduates in 2012. his friend tells him that average hourly earnings for construction workers will rise by 2% from 2009 to 2012. based on the data below, assuming that the projected hourly earnings are correct, is jason’s friend’s statement accurate? construction industry - average hourly earnings, 2000-2009 a. his friend’s statement is accurate. the average hourly earnings will increase by 2%. b. his friend’s statement is not accurate. the percent increase will be more than 2% c. his friend’s statement is not accurate. the percent increase will be less than 2% d. his friend’s statement is not accurate. the average hourly earnings will decrease