Question

Here are the prices (in thousands) for 10 houses for sale in a local neighborhood: 285,288,289,290,299,300,308,309,312,314 . Which measure should be used to summarize the data

Answer 1

Mean and Median

Explanation:

Given the data :

285,288,289,290,299,300,308,309,312,314

To summarize the data using a measure of centre, considering that the dataset doesn't show a great deal of variation we could use either the mean or median value.

The mean, x = Σx / n

n = sample size = 10

Σx = 2994 ; n = 10

x = 2994 / 10 = 299.4

Also the median value ;

1/2 * (n + 1)th term

1/2 * (10 + 1)th term

1/2 * 11

= 5.5 th term

= (5 + 6)th / 2

= (299 + 300) / 2

= 299.5