Table 1: summary statistics for the residential property transaction prices.

(For the variance value, "E+11" means10

11

1011, namely, 100 billion.)

Answer the following questions.

(a) Describe the central tendency of the data and explain which measure is robust to outliers.

(b)Using appropriate measures, describe the dispersion of data.Explain if variance is a suitable measure to describe the variation of these property prices (provide reasons).