Suppose you live in a neighborhood with a few expensive homes and many modest homes. If you wanted to impress people with the neighborhood where you lived, which measure would you give as the "average" property value?
A)median
B)minimum
C)standard deviation
D)mean
E)range

Question

Suppose you live in a neighborhood with a few expensive homes and many modest homes. If you wanted to impress people with the neighborhood where you lived, which measure would you give as the "average" property value? ​
A)median
B)minimum
C)standard deviation
D)mean
E)range

Quizplus · Accepted Answer

The mean property value gives an overall idea of the average value of all the homes in the neighborhood. Since there are few expensive homes and many modest homes, the mean value will be skewed towards the expensive homes, giving the impression of a higher overall property value for the neighborhood. However, it is important to note that relying solely on the mean could be misleading as it does not account for the distribution of property values.

Suppose You Live in a Neighborhood with a Few Expensive