It is known that average house prices today is $371,040 higher compared to 10 years ago and median in the current time also $382,000 higher than house prices 10 years ago.Provide an interpretation of the change of mean and median based on the information above. Compare and contrast these values and comment on the distribution of the increases in house prices. In an attempt to track the increasing house prices in a large city in Australia, a statistician took arandom sample of homes sold this year and another sample of homes sold 10 years ago. Thefollowing set of statistics describe the two sets of data, where the prices are expressed in $000s.MeanMedianModeQ1Q3IQ RangeSDmaxminrange10th percentile90th percentileCoefficient of Variation (%)Current892.44900816816954138100.081146678468756.61025.411.2110 years ago521.45185164845597555.6272040831244859210.67

Given that: Current 10 years ago Mean 892.44 521.4 Median 900 518 Mode 816 516 Q1 816…

Answered: It is known that average house prices…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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It is known that average house prices today is $371,040 higher compared to 10 years ago and median in the current time also $382,000 higher than house prices 10 years ago.

Provide an interpretation of the change of mean and median based on the information above. Compare and contrast these values and comment on the distribution of the increases in house prices.

In an attempt to track the increasing house prices in a large city in Australia, a statistician took a
random sample of homes sold this year and another sample of homes sold 10 years ago. The
following set of statistics describe the two sets of data, where the prices are expressed in $000s.
Mean
Median
Mode
Q1
Q3
IQ Range
SD
max
min
range
10th percentile
90th percentile
Coefficient of Variation (%)
Current
892.44
900
816
816
954
138
100.08
1146
678
468
756.6
1025.4
11.21
10 years ago
521.4
518
516
484
559
75
55.62
720
408
312
448
592
10.67

Definition Definition Middle value of a data set. The median divides a data set into two halves, and it also called the 50th percentile. The median is much less affected by outliers and skewed data than the mean. If the number of elements in a dataset is odd, then the middlemost element of the data arranged in ascending or descending order is the median. If the number of elements in the dataset is even, the average of the two central elements of the arranged data is the median of the set. For example, if a dataset has five items—12, 13, 21, 27, 31—the median is the third item in ascending order, or 21. If a dataset has six items—12, 13, 21, 27, 31, 33—the median is the average of the third (21) and fourth (27) items. It is calculated as follows: (21 + 27) / 2 = 24.

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