1. As a result of a prolonged economic boom, Toronto is undergoing several changes that are starting to cause social and economic problems. One serious problem is the lack of affordable housing for young people. Median house prices over a 12-month period in the Toronto area are shown in the table below:
Month Price ($K) Month Price ($K)
Jan $195 Jul $205
Feb 196 Aug 199
Mar 205 Sep 201
Apr 210 Oct 197
May 212 Nov 192
Jun 210 Dec 190
a) Graph the data in the table. Describe the trend that you see.
b) Calculate the mean and standard deviation.
c) Calculate the range and mode of these data.
d) If $195K is considered the threshold for affordability, can we conclude at the 5 % level of significance that the threshold has increased in this period?