Median and Mean Housing Prices

The video tutorial discusses housing prices in a neighborhood, focusing on how the introduction of a new house priced at $120,000 affects the median housing price. It explains that while the new price is significantly lower than the current minimum, it will not change the median because the median is the middle data point. However, the mean will decrease due to this outlier. The tutorial emphasizes the difference between how the mean and median are affected by new data points.

What is the price of the new house introduced in the neighborhood?

• $100,000

• $120,000

• $150,000

• $200,000

Where is the median housing price located in the box plot?

• At the lowest point

• At the 75th percentile

• At the highest point

• In the middle

What is the current median housing price in the neighborhood?

• $250,000

• $200,000

• $165,000

• $150,000

How does the new house price of $120,000 compare to the minimum price in the existing data?

• It is higher

• It is the same

• It is the maximum

• It is lower

What effect does the new house price have on the mean housing price?

• It doubles the mean

• It has no effect on the mean

• It decreases the mean

• It increases the mean

Why does the median remain unchanged despite the new house price?

• Because the median is recalculated

• Because the new price is an outlier

• Because the median is the average

• Because the median is the middle data point