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.
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.
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3933e659-0e4e-4082-b0d0-cddeecd047c4%2Fc6f80ff6-0846-44a9-bfdb-63f66123789b%2F3fucqsf_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
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