When speaking of the housing market the measure of central tendency that is used is the median. Why do you think that is the case? Do you think it is the best choice for both the buyer and the seller? Would you suggest a different measure be used and if so why?
Generally Median is a better indicator than the average when dealing with property prices.
The median is the middle point that divides a series into two equal parts. In our case, the median price allows us to divide all transactions into two equal parts that is 50% of transactions occur at a price which is lower than the median price and the other 50% occur at a price that is higher. For example, a median price of $100,000 indicates that 50% of properties sold for less than $100,000 and the other 50% sold for more.
Yes I think its the best choice for buyers as median's advantage as a measure of central tendency is that it is not adversely influenced by extreme numbers as buyers can't be deceived with inflated average price numbers.
It's not a pocket friendly approach for seller,as the seller's might loose out on some prospective deals but it is an ethical way of presenting the data to their buyers.
When speaking of the housing market the measure of central tendency that is used is the...
When dealing with a scale of measurement that is ordinal, the preferred measure of central tendency is the _____ (mean, median, or mode). When dealing with a scale of measurement that is either interval or ratio, and the distribution of scores is symmetrical, the preferred measure of central tendency is the _____ (mean, median, or mode). When dealing with a scale of measurement that is nominal, the preferred measure of central tendency is the _____ (mean, median, or mode). When...
Practice problems 2 – Central Tendency 1. Here is a random sample of seven rents ($) from the data collected. (In case you are wondering, I used a computer to generate random samples). $0.00 $600.00 $650.00 $650.00 $1000.00 $570.00 $0.00 a) Calculate the average rent of this random sample. b) What is the median of this random sample? What are the mean, median, and mode of the following distributions? Which measure of central tendency best reflects each distribution and why?...
Which measure of central tendency is appropriate when further statistical computation will be needed? A. The mode B. The range C. The median D. The mean
Discuss why mean is the most widely used measure of central tendency in the health science research?
What drives the housing market in the short run (less than one year)? when do you think the best time to buy might be? When do you think the best time to sell might be? Why might it be difficult for both to occur at the same time of the year?
Discuss why mean is the most widely used measure of central tendency in the health science research? Justify your answers with evidence.
Select the measure of central tendency (mean, median, mode) that would be most appropriate for describing each of the following sets of data and state why: High school graduation rates of Philadelphia high schools Household income Most popular attitudes of residents in a neighborhood Height and weight of 1st grade boys
2.2 For each of the following situations, identi fy the measure of central tendency (mean, median, or mode) that would provide the best description of the average" or most representative score. Please explain your choice: a A researcher asks each individual in a sample of 50 adults to name his her favorite season (summer, fall, winter, spring) b. An insurance company would like to determine how long people remain hospitalized after a routine appendectomy. The data from a large sample...
There are four measures of central tendency that we will study this week. They may yield different results for the same set of data. They each really serve the same purpose in different ways. Please share your idea of when one may hope to have a higher measure of center and in which situation one may hope to have a lower measure of center for a set of data. For example, if I am a business owner, then I may...
In the "FIRST COURSE STATS&MINITAB14 WIN&STUDY CARD (11th Edition)" Chapter 2, problem 68E, the question is asking which measure of central tendency is recommended. The answer indicates that the mean is recommended. However, I don't understand why. I thought that the best option was a representative of the typical score. These were the observations: 3,3,4,4,4,5,5,5,7,49,52 mean=12.8 median=5 so I would think that the median is the best option since the mean is higher then almost all the scores in the...