The mean and median selling price of existing single-family homes sold in October 2005 were (in no particular order) $216,200 and $265,000. Which of the following most accurately explains which is the mean and which is the median and why?
For the answer to the question above, The median in the problem is $216,200 and the mean is $265,000 because economic variables tend to be skewed to the right, pulling the mean above the median. I hope my answer helped you somehow.
