Question

The monthly rents for five apartments advertised in a newspaper were $670, $670, $720, $1700, and $850. Use the mean, median, and mode of the rents to answer the question.mean = $922median = $720mode = $670Which value best describes the monthly rents? Explain.

Answer 1

Step-by-step explanation:

Given;

We are given a data set which represents the monthly rents for 5 apartments and these are;

`670,670,720,1700,850.`

Required;

We are required to use the mean, median and mode to explain which measure of central tendency best describes the monthly rent.

Solution;

The mean, median and mode (as calculated) are the measures of central tendency for the data set given.

This measures which value is closest to the center such that it can conveniently represent every other data. Observe carefully that the least value is 670 while the highest is 1700.

Also, observe that the value which is "more central" to both extremes is the mean.

The median is closer to the lowest value and much farther from the highest value.

The mode is actually at the lowest end of the data set.

However, the mean is safely between both ends. Its farther away from the least value than the median which means its moving closer to the "center" unlike the other two measures.

Therefore;

ANSWER:

The MEAN best describes the monthly rents.