joe is interested in the prices of homes sold in his area. he found a list of the selling prices of 50 homes…

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?\nthe mean and median are equal.\nthe mean is less than the median.\nthe mean is greater than the median.\nthe actual selling prices are needed to determine this.

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?\nthe mean and median are equal.\nthe mean is less than the median.\nthe mean is greater than the median.\nthe actual selling prices are needed to determine this.

Answer

Explanation:

Step1: Understand the data distribution

The data has a few high - value outliers (homes selling for more than $1,000,000) while most homes sell in the $100,000 - $350,000 range.

Step2: Recall the effect of outliers on mean and median

The mean is sensitive to outliers. High - value outliers will pull the mean upwards. The median is the middle value when the data is ordered and is not affected by extreme values.

Step3: Compare mean and median

Since there are high - value outliers, the mean will be greater than the median.

Answer:

The mean is greater than the median.