The monthly rents for five apartments advertised in a newspaper were $700, $700, $770, $1750, and $860. Use the mean, median, and mode of the rents to answer the question. Which value gives the average rent? mean = $956, median = $770, mode = $700 %3D
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
![### Understanding Measures of Central Tendency: Mean, Median, and Mode
The monthly rents for five apartments advertised in a newspaper were $700, $700, $770, $1750, and $860. Use the mean, median, and mode of the rents to answer the question. Which value gives the average rent?
- **Mean**: $956
- **Median**: $770
- **Mode**: $700
#### Definitions:
1. **Mean**: The mean (or average) is calculated by adding all the numbers together and then dividing by the count of numbers.
\[
\text{Mean} = \frac{700 + 700 + 770 + 1750 + 860}{5} = \frac{4780}{5} = 956
\]
2. **Median**: The median is the middle value in a list of numbers ordered from smallest to largest.
\[
\text{Ordered List: } 700, 700, 770, 860, 1750
\]
\[
\text{Median} = \text{Third value in the ordered list} = 770
\]
3. **Mode**: The mode is the number that appears most frequently in the list.
\[
\text{Mode} = 700 \text{ (appearing twice)}
\]
#### Question:
Which value gives the average rent?
- **Options**:
- The average rent is the median, $770.
- The average rent is the mean, $956.
- The average rent is the mode, $700.
#### Detailed Explanation:
- **Mean ($956)**: This is the arithmetic average of all rents. It takes into account the extremities, such as very high or very low values, which can significantly influence the average.
- **Median ($770)**: This is the middle value when the rents are ordered. It is less affected by outliers and represents the center of the data set.
- **Mode ($700)**: This is the most frequently occurring rent, but it does not represent a central value of all data points as well as the mean or median might.
Given that the mean is significantly skewed by the high rent value of $1750, the median ($770) likely provides a better representation of the typical rent for these apartments.
**Answer:**
- The average rent is](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8332900c-ee60-47c9-8543-5245156dd6e2%2Fa3e02959-d947-49e8-af7f-d07beed1a0c0%2Fc8dz68j_processed.jpeg&w=3840&q=75)
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