Question

1) Hank is looking to sell his motorcycle. He compiles these prices from the newspaper for bikes just like his

$2,000; $ 16,900; $15,100; $14,500; and $17,000. Is it more reasonable for Hank to use the mean or the
median to get a reasonable estimated price for his bike?

Answer 1

The median

Explanation:

If you look at the sample section of the 5 different prices, you can see that $2,000 is very far away from the rest of the prices, which range from $14,000 to $17,000. This $2,000 is an outlier, and is likely not accurate in predicting reasonable prices for Hank's bike, so it should not be a factor in his decision or contribute to the mean value.