Use the table to answer the question. This table presents the number of houses corresponding to different property values, showing the distribution of home prices in a given dataset. Value per House Number of Houses $150,000 2 $220,000 4 $490,000 3 $540,000 2 $800,000 5 $975,000 2 The values of several houses on Mango Street are displayed on the table. What is the median value of these houses? (1 point) $

Question

GPT-4o mini · Answer

To find the median value of the houses based on the given dataset, we first need to list out the property values in order and account for the number of houses associated with each value.

The dataset is as follows:

$150,000: 2 houses
$220,000: 4 houses
$490,000: 3 houses
$540,000: 2 houses
$800,000: 5 houses
$975,000: 2 houses

Now, let's list the values with the appropriate counts:

$150,000 (2 houses)
$150,000 (2nd house)
$220,000 (1st house)
$220,000 (2nd house)
$220,000 (3rd house)
$220,000 (4th house)
$490,000 (1st house)
$490,000 (2nd house)
$490,000 (3rd house)
$540,000 (1st house)
$540,000 (2nd house)
$800,000 (1st house)
$800,000 (2nd house)
$800,000 (3rd house)
$800,000 (4th house)
$800,000 (5th house)
$975,000 (1st house)
$975,000 (2nd house)

Now, if we count all the houses, we have a total of 18 houses. To find the median value, we will look for the middle value. For an even set of numbers, the median is the average of the two middle numbers.

The two middle numbers can be found as follows:

For 18 houses, the middle positions are the 9th and the 10th values:

Counting through the list:

$150,000
$150,000
$220,000
$220,000
$220,000
$220,000
$490,000
$490,000
$490,000 (9th house)
$540,000 (10th house)

These values are $490,000 and $540,000.

To find the median: \[ \text{Median} = \frac{490,000 + 540,000}{2} = \frac{1,030,000}{2} = 515,000 \]

Thus, the median value of the houses is $515,000.