Question

The prices of 7 race cars are 126,000 140,000 140,000 180,000 400,000 400,000 819,000 The mean is $315,000?
the median is 180,000

which of these measures of central tendency best represents the value of the seven race cars and why??
Both the median and mean values are correct. The mean is usually a more meaningful because it is the average car sales price. It will give you the minimum average error when comparing the price of a car selected at random.
I think the median is better because the 819,000 skews the mean high. We could argue about this for quite a while :)

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