Show My Work (Optional) . -/1 points The mean and median selling price of existi

Question

Show My Work (Optional) . -/1 points The mean and median selling price of existing single-family homes soldn Association of Realtors, www.realtor.org.) October 2005 were 216,200 US Dollars and 265,000 US Dollars. (from the Natinal Which of these numbers is the mean and which is the median? Hint: Think about how the distribution of housing prices might look. Would i be symmetric or skewed? How will that affect the mean? mean s median-$ Explain how you know. O The distribution of housing prices will be left-skewed so the mean will be lower The distribution of housing prices will be symmetric. O The distribution of housing prices will be right-skewed so the mean will be higher The distribution of housing prices will be left-skewed so the median will be higher. Show My Work (Optional) 4/9 de 17186352#Q4 http://www.webassign.net/web/Student/Assignment-R

Explanation / Answer

ans) The distribution should be right skewed/positively skewed because more number of people will buy houses of lesser value i.e less point will be on the right side of the graph.

For right or positive skewness:

It must satisfy the condition: mean>median>mode

Therefore: mean>median

Mean=265000$

Median=216200$

Final answer: option B:

The distribution of housing prices will be right skewed so the mean will be higher

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