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| Topic: |
Business
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| Number of pages / Number of words: |
8 / 2009 |
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The arithmetic mean of the real estate values is $241.0 thousand.
If the mean has either extremely large or extremely small values, even though it represents the average of a set of data, may not be the appropriate average to represent the data set (Lind et al., 2003, p. 60). The center for such data would better be represented by the median, the midpoint of the values after they have been ordered from the smallest to the largest, or the largest to the smallest (Lind et al...
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62). If there are even amounts of total numbers, then add the two middle values and divide the sum by two (Lind et al., p. 63). The median selling price of the real estate is $213.6 thousand. The major properties of the median are (Lind et al., p. 63):
1. The median is unique, and like the mean, there is only one median for a set of data...
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