SOLUTION: Hello Please, can you explain me what "Median market value" means? My son is in 4th grade and he has a problem with this expression and I don't know what is it... Thank you.

Question 578013: Hello
Please, can you explain me what "Median market value" means?
My son is in 4th grade and he has a problem with this expression and I don't know what is it...
Thank you.
Found 2 solutions by KMST, solver91311:
Answer by KMST(5328) (Show Source): You can put this solution on YOUR website!
In statistics median means the value such that half of similar values are below, and the other half are above.
If the median market value of a house in a neighborhood is $250,000, half of the houses are valued at less than that and the other half are valued at more than that.
Average or mean market value can be different, because there could be a few multi-million dollar houses in the mix that would drive the average up. You could have 50 houses appraised at $200,000 45 houses appraised at $300,000, and 5 houses appraised at $2,300,000, for a median of $250,000 and a mean of $350,000.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!

There are three standard measures of central tendancy for any set of data.

"Mean" is just means the average. Add up all of the data and divide by the number of data elements.

"Median" is the value in the middle when all of the data are arranged in order of value. Median Market Value is a value such that half of whatever the commodity is cost more than the median and half costs less.

"Mode" is the value that occurs most often.

For example, start with the following 19 elements of raw data.

43 55 23 65 82 83 70 32 74 65 71 78 79 83 65 75 91 77 81.

To calculate the mean, add'em up and divide by 19: 1292 divided by 19 is 68.

To find the median, put them in numerical order --

23 32 43 55 65 65 65 70 71 74 75 77 78 79 81 82 83 83 91

Since there are 19 elements, the one in the middle is the 10th one -- 9 come before it, and 9 come after. The median is 74.

To find the mode, make a list of one each of each distinct value and count the number of times this value occurs:

23 1
32 1
43 1
55 1
65 3
70 1
71 1
74 1
75 1
77 1
78 1
79 1
81 1
82 1
83 2
91 1

Notice that the value 65 occurs 3 times which is more than any other value. 65 is the Mode.

John

My calculator said it, I believe it, that settles it

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