According to a governments census bureau in February 2010 th

According to a governments census bureau, in February 2010, the median sales price of new houses was $220,500 and the mean sales price was $282,600. a. Interpret the median sales price. b. Interpret the mean sales price. c. Discuss the shape of the distribution of the price of new houses. a. Choose the correct answer below. A. Half of the prices for a new house are smaller than or equal to $282,600, and the other half the prices for a new house are larger than or equal to $282,600. B. Half of the prices for a new house are smaller than $282,600, and the other half of the prices for a new house are larger than $282,600. C. Half of the prices for a new house are smaller than or equal to $220,500, and the other half the prices for a new house are larger than or equal to $220,500. D. Half of the prices for a new house are smaller than $220,500, and the other half of the prices for a new house are larger than $220,500.

Solution

a)

The median is the number that is in the exact middle if you rearrange the numbers from lowest to highest.

hence,

OPTION D: Half of the prices for a new house are smaller than 220500, and the other half of the prices for a new house are larger than 220500.