Answer:
Explanation:
According to the government's census bureau, in February 2010, the median sales price of new houses was $220,500, and the mean sales price was $282,600.
The median is a measure of central tendency that represents the middle value in a data set when the values are arranged in ascending or descending order. In this case, it indicates that half of the new houses were sold at prices lower than $220,500, and the other half were sold at prices higher than $220,500.
On the other hand, the mean is the average of all the values in a data set. It is obtained by summing up all the values and dividing by the number of values. In this case, the mean sales price of new houses was calculated to be $282,600.
The median and mean can sometimes differ significantly, indicating a skewed distribution. For example, if there are a few very high-priced houses in the dataset, the mean may be influenced more by these outliers, causing it to be higher than the median.
In this scenario, the mean sales price is higher than the median sales price, suggesting that there may be some high-priced houses that are pulling the average up. This information provides insight into the distribution of new house prices in February 2010.