The amount spent on textbooks for the fall term was recorded for a sample of five hundred university students. The mean expenditure was calculated to be $500 and the median expenditure
Was calculated to be $425. Which of the following interpretations of the median is correct?
A)50% of the students sampled had textbook costs that were less than $425
B)50% of the students sampled had textbook costs equal to $425
C)The average of the textbook costs sampled was $425
D)The most frequently occurring textbook cost in the sample was $425

Question

Quizplus · Accepted Answer

The median value in a data set is the middle value when the data set is ordered from least to greatest, meaning that 50% of the observations fall below the median. Therefore, in this context, 50% of the students had textbook costs that were less than $425.

The Amount Spent on Textbooks for the Fall Term Was