The following printout is a summary of housing prices in Edmonton: What can we determine from this printout?
A) The mean list price is less than both the median and modal prices
B) The median list price is the most representative as it is larger than the modal price and smaller than the mean price.
C) The modal price is affected by a few houses that must be priced very high
D) More than half of the houses are listed above $425,000.

Question

The following printout is a summary of housing prices in Edmonton:  What can we determine from this printout?
A) The mean list price is less than both the median and modal prices 
B) The median list price is the most representative as it is larger than the modal price and smaller than the mean price. 
C) The modal price is affected by a few houses that must be priced very high 
D) More than half of the houses are listed above $425,000.

Quizplus · Accepted Answer

The median list price is the middle value when all the prices are arranged in order. It is larger than the mode, which is the value that appears most frequently, indicating that there are no specific houses that are affecting the price. The mean list price is the average of all the prices, and it is higher than the median because there are some very expensive houses that raise the average. Therefore, the median is the most representative price.

The Following Printout Is a Summary of Housing Prices in Edmonton