Several years ago, the average price for homes sold in my neighborhood was $200,000. Now homes are selling for an average of $145,000 (presumably due to the failing economy and people losing their jobs – the unemployment rate is 12.5 because of job loss).
How do I calculate the mean price of houses over this time period?
How do I calculate the median price of houses over this time period?
Do the mean and median prices differ from one another?
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Solution Preview
Originally, the average price of houses was 200K. Now it is 145K. These are your original averages (remember, an average is a mean).
To calculate a mean, you add all of your values together and then divide that sum by the number of values you added. In this case, you have two …
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