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Use the following data set to answer the questions. You can copy and paste the data into the Descriptive Statistics applet. The table below gives
Use the following data set to answer the questions. You can copy and paste the data into the Descriptive Statistics applet. The table below gives a sample ofnal sale prices for 12 homes that sold in a certain area. Home Sale Price in Dollars 298207.7 194521.5 187847.7 3899695 3229905 103078.4 1016088 3739109 2810265 2700454 3065909 1243894 (a) What is the mean home sale price? Round to the nearest cent. :l (b) What is the median home sale price? Round to the nearest cent. 1:] (c) Which of the following statements are correct? 0 Half of the home prices are more than $246,182.27, and half the home prices are less than $246,182.27 0 Half ofthe home prices are more than $275,535.95 and half the home prices are less than $275,535.95. (d) Now suppose there were one additional home sale price added to this list of sale prices. Suppose this additional home is a mansion that sold for tens of millions of dollars. Which of the following statements are correct? 0 Adding the new home price to the list will increaase both the mean and median sale price a lot. 0 Adding the new home price to the list will increase the mean sale price a lot, but it will have little to no effect on the median sale price. O Adding the new home price to the list will increase the median sale price a lot, but it will have little to no effect on the mean sale price. 0 Adding the new home price to the list will have little to no effect on either the mean or median home price. (e) If you were going to move to this area, and you wanted to get a sense of the average price of homes in the area, would it better to use the mean home price, or would it be better to use the median home price to get a sense of the average home price? Which of the following is the best answer to this question? 0 You should use the mean home price. The mean is always better to use than the median. 0 You should use the median home price because the median won't be affected much by the few extremely high priced homes. 0 You should use the mean home price because the mean won't be affected much by the few extremely high priced homes
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