Hello, I found this forum through a nearly abandoned Usenet group. Here are prices for 10 homes. The problem at hand asked me to find the mean, median and mode of these housing prices.
$120,000 $122,000 $125,000 $125,000 $139,000
$145,000 $167,000 $210,000 $540,000 $950,000
Answer: The mean average is $264,300. The median is $142,000. The mode is $125,000.
The problem then asked "Which measure of "average" best describes the average housing price for the month? Explain your answer."
Following is my answer. My question for the forum is, how did I do? Do you think this is a good explanation? Would you have been briefer? How so?
Answer: "Most of the homes are priced low, with only a few having higher prices bumping up the mean. And the mode only represents about half of the prices. There is relatively little variety between most of the prices, so the median better represents what the prices of the majority of the houses are."