Tom is trying to summarize the housing values in his neighborhood.There are ten houses in total which fall into the following value ranges: $$\begin{array} { lc }
\hline \text { Value } & \text { Number of Houses } \
\hline \$ 200,000 \text { to } \$ 300,000 & 1 \
\$ 700,000 \text { to } \$ 800,000 & 3 \
\$ 800,001 \text { to } \$ 850,000 & 5 \
\text { Over } \$ 5,000,000 & 1\\hline
\end{array}$$ Which summary measure is most appropriate to summarize this data?
A)mean
B)median or mode

Question

Tom is trying to summarize the housing values in his neighborhood.There are ten houses in total which fall into the following value ranges: $$\begin{array} { lc } 
\hline \text { Value } & \text { Number of Houses } \
\hline \$ 200,000 \text { to } \$ 300,000 & 1 \
\$ 700,000 \text { to } \$ 800,000 & 3 \
\$ 800,001 \text { to } \$ 850,000 & 5 \
\text { Over } \$ 5,000,000 & 1\\hline
\end{array}$$ Which summary measure is most appropriate to summarize this data?
A)mean
B)median or mode

Quizplus · Accepted Answer

Given the wide range of values, especially with one house significantly more expensive than the others, the median or mode would provide a more representative summary of the central tendency, as the mean would be skewed by the very high value.

Tom Is Trying to Summarize the Housing Values in His