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The mean and median selling prices of existing single-family homes sold in July 2012 were $263,200 and $224,200. Which of these numbers is the mean and which is the median? Explain how you know.

Verified Answer :

The correct answer is:

The mean is $263,200 and the median is $224,200.

Explanation:

In the housing market, we generally see most values nearly the same.  However, some values are typically much higher than others.  Between the mean and the median, the mean is the most affected by an outlier; if we have a number much higher than the others, it will cause the mean to raise.  Thus the mean is the higher value.

The mean and the median is $263,200 and $224,200 respectively.

The following information related to the mean and median is:

  • The mean is the average of the data set that could be determined by adding all the numbers and then it should be divided by the number of values given in the set.
  • The median is the median value where the data set should be ordered from minimum to maximum.

Therefore, we can conclude that The mean and the medians are $263,200 and $224,200 respectively.

Learn more about the median here: brainly.com/question/15923434


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