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Re: Average Sale Price [#permalink]
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27 Jul 2009, 16:36
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IMO A (I only)
Given: N= 15, mean = 150,000 and median = 130,000
1) at least one home sold for ?165,000
Lets say the prices are as follow: a, b, c, d, e, f, 130000, g ,h, i, j, k, l
This means that the first 8 prices were <= 130,000 and the next 7 items averages to be around 173,000. This is because even if we consider a,b, c,d,e,f to be all worth 130,000, total = 1,040,000. For average to hold as 150,000 the rest of the 7 prices have to have a total of 2,250,000 (average of 173,000). Thus, at least one home needs to be >165,000 for sure/.
2)at least 1 between 130,000 and 150,000  not necessarily. Especially without knowing any of the other prices, which can be combined in verious ways to get a average of 150,000 without having any # between 130,000 and 150,000.
3)at least one sold for less than 130,000  not necessarily. All of the first 7 prices of homes can be 130,000 and not (<130,000)
What is the OA??
