7 Given the following output which measure of central tenden

7. (Given the following output: which measure of central tendency would be most appropriate to describe this variable (circle one) Variable N N* Mean 5E Mean StDev Minimum Q1 Median Q3 Maximum TotalPrice 351 0 7450 415 7781 544 2823 4763 9351 56454 a. Mean b. Median c. Standard deviation

Solution

Median is the best measure of central tendency as the variability in the data is very high. Mean and standard deviation can mislead when there is a huge variation