Question

Five homes were recently sold in Oxnard Acres. Four of the homes sold for $400,000, while the fifth home sold for $2.5 million. Which measure of central tendency best represents a typical home price in Oxnard Acres

Answer 1

Answer:

The median or mode

Explanation:

The median, mean, and mode are the most common measures of central tendency.

From the question, five homes were recently sold in Oxnard Acres.  Four of the homes sold for $400,000, while the fifth home sold for $2.5 million. The data should look like this: (let a, b, c, and d, represent the four homes that sold for $400,000, and let e, represent the fifth home sold for $2.5 million). So, a + b + c + d =  $400,000.

       e = $2.5 million

Now, since the measure of central tendency is the center point or typical value of a dataset, the median can be used to measure central tendency from the data set above. The median is the middle, value when the dataset is arranged from the least value to the highest value, which also depends on if the dataset has an even or odd number of values. While the mode is that value that appears most. Ordinal data, which has no standard scale on which the difference in value in the dataset is measured are best measured using median or mode.