The mean and median sales prices of new homes sold in the U.S. in November 2010 were $213,000 and $268,000. Which of these numbers is the mean and which is the median? Explain how you know.
I'm assuming the median is $213,000 and the mean is $268,000. However, I'm just guessing. I'm not sure how to know this without data.
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I would say you are correct! Outliers can skew the mean higher; thus the mean will be higher than the median.
Outliers could also skew the mean lower as well.
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