Compute and interpret mean, median, range, and interquartile range in context.
Choose the most useful summary measure
Problem
Most neighborhood homes sold for \(\$220,000\text{--}\$310,000\), but \(\text{one}~\text{mansion}\) sold for \(\$1,850,000\). Determine whether the mean or median better represents a typical price, and justify the statistic.
Big Picture
What this problem is really about
First compare the ordinary price cluster with the unusually expensive mansion. A center that uses every numerical value will be pulled upward by that extreme price, while a center based on ordered middle position changes far less. For a typical neighborhood sale, favor the statistic whose value remains representative of the main cluster.
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