To determine whether rents are increasing in a certain town, an economist compared the current monthly rents for eight studio apartments with the rents for those same apartments one year ago The results were as follows Can you conclude that the median rent now differs from that of a year ago Use the 0 05 level of significance 12 3 Apartment 45 5 6 7 8 Now 975 710 810 640 1040 800 820 615 One Year Ago 950 690 800 630 1060 790 820 630

Question: To determine whether rents are increasing in a certain town, an economist compared the current monthly rents for eight studio apartments with the rents for

To determine whether rents are increasing in a certain town, an economist compared the current monthly rents for eight studio apartments with the rents for those same apartments one year ago. The results were as follows. 12 3 Apartment 45 5 6 7 8 Now 975 710 810

Can you conclude that the median rent now differs from that of a year ago? Use the α = 0.05 level of significance.

12 3 Apartment 45 5 6 7 8 Now 975 710 810 640 1040 800 820 615 One Year Ago 950 690 800 630 1060 790 820 630

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