The last census of the entire community from which the sample in Exercise 7 was taken was 2010 when the mean loss was $10,200. From the sample in Exercise 7, use a t-test to test whether the mean loss has decreased.
Exercise 7
The housing market has recovered slowly from the economic crisis of 2008. Recently, in one large community, realtors randomly sampled 36 bids from potential buyers to estimate the average loss in home value. The sample showed the average loss from the peak in 2008 was $9,560 with a standard deviation of $1500.