Question

joe is interested in the prices of homes sold in his area. he found a list of the selling prices of 50 homes for the past month. most of the homes sold for $100,000 - $350,000, but there were a few that sold for more than $1,000,000. which of the following statements is true about the mean and median selling price for the 50 homes? the mean and median are equal. the mean is less than the median. the mean is greater than the median. the actual selling prices are needed to determine this.

Explanation:

Step1: Understand mean and median

Mean is the sum of all values divided by number of values. Median is the middle - value when data is ordered.

Step2: Analyze the data distribution

Most homes are in $100,000 - 350,000$ range with a few above $1,000,000$. These high - value outliers will pull the mean upwards.

Step3: Compare mean and median

Since outliers affect the mean but not the median (which only depends on the middle - value(s) in ordered data), the mean will be greater than the median.

Answer:

The mean is greater than the median.