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Math Help - which average

  1. #1
    Senior Member furor celtica's Avatar
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    which average

    a newspaper makes the folloxing statement: over 60% of houses sold this month were sold for more than the average selling price
    consider the possible truth of this statement and what is meant by average (median, mean, mode)

    i know this must be easy but its the notion i have a hard times getting around. i understand that it can be the mode and it can't be the median but i don't understand how to fit in a the mean.
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  2. #2
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    In Australia we report the median house price. The reason for this is that the mean is senstive to extreme values that occur quite often in the housing market.
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  3. #3
    Senior Member furor celtica's Avatar
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    the point of the question is: out of the three averages, with which ones is it possible to have 60% of the distribution have higher values than the average?
    with mode it is obviously possible, with median it is obviously impossible, what about mean?
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  4. #4
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    It sounds like the aritcle is reffering to a 'previous' months mean so all median, mean & mode will be work in this case.
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  5. #5
    Senior Member furor celtica's Avatar
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    no thats not what it means
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  6. #6
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    Well then both the mean and mode is your answer. You can orgainse some random data to prove this.
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