Concept explainers
Whether the mean, median, or mode would be the most useful average for homebuyers.
Answer to Problem 19HP
Median will represent the most accurate average for home buyers.
Explanation of Solution
Given information:
A real estate guide lists the “average” home prices for counties in your state.
Calculation:
Mean, Median and Mode are all valid measures of central tendencies, some measure of central tendency becomes more appropriate than other under different conditions.
Mean is the most popular central tendency and called average but it is significant when there are no extreme values in data.
Median is called middle value of data and it is used when there are are extreme values in data.
Mode represents the number which occurs the most.
As in real estate prices in countries varies, depending upon various conditions.
The mean would represent the average cost of each house if we divide the total cost by a number of houses. This represents the bottom line of the house prices. There are few high end homes as well, which is very costly and the mean would make it that average prices is very high.
Hence, Median will represent the most accurate average for home buyers.
Chapter 13 Solutions
Pre-Algebra Student Edition
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