Mathematical Statistical Question about which is the Mean and Median of two figures.?

Question

The mean and median selling prices of existing single family homes sold in June 2006 were $163,900 and $210,900. Which of these numbers is the mean and which is the median? Explain how you know.

Answer 1

Mean = average

163900 + 210900 = 374800

Divide 374800 by 2

373800 / 2 = 187400

The mean is $187400

- - - - - - - - - - - - - - - - - - -

Explanations of Mean, Mediam and Mode

Mean: is the sum of a set of 5 munbers { 10 , 20,30, 40, 50 } divided by the number in the set,
The sum is 150 and the number in the set is 5

150 / 5 = 30

30 is the mean

- - - - - - - - - - - - -

Median: is the middle or center of a set of numbers { 2 4 6 8 10 }

The median is 6

- - - - - - - - -

Mode: is the Difference from the lowest to highest of a set of numbers {10 20 30 40 50 }

50 - 10 = 40

The mode is 40

- - - - - - - - - -s-

Answer 2

Both of the terms mean and median are types of averages or middle value. The mean is the total of all the prices divided by the number sold. The median is the middle price, with half above it and half below. (Not the definition given above.)
Now the price of houses is very skewed, i.e. you get a few a long way above the average, into the $millions. When these are added into the mean they have a disproportionate effect and increase it, in a sense too much. On the other hand, they have no effect on the median. In a very skewed situation the median is a better guide to middle value than the mean.
It is possible for two towns to have mean house prices of A $183000 and B $185000 but houses in town B are generally cheaper. This is because it has no millionaires homes but the other town has one. The medians which may be A $172000 and B $168000 tell something nearer the truth.

Therefore, in this situation, the mean must be the highest.

Edit. There is a wrong definition below as well. the mode is the most frequently occuring result so in the example below there is either no mode or all of the results are the mode!
I don't know why we bother to teach about the mode.
I can't think of a single practical example where it would be appropriate to use the mode.

Answer 3

"Mean " means the same as "average". You take the price of all the homes sold and add them. Then you divide that number by how many homes were sold. Voila: mean.
"Median" is the difference between the highest and lowest prices of houses sold. Take the highest price and add it to the lowest price, divide by two. Voila: median.
Both numbers are equeally meaningless.
Look at comperable houses and what they sold for in your particular neighborhood. This, and the current housing market (high or low mortgage rates) is the only meaningful statistic.

Answer 4

well there really isnt anyway of knowing unless you have some other figures. but if the question u typed is the exact question then 163 is the mean and 210 is the median, simply do to the order they are asked and then given.

Answer 5

hmm.. i dunno..