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Average Sale Price

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Manager
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Joined: 21 Feb 2009
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Average Sale Price [#permalink]

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New post 27 Jul 2009, 14:17
00:00
A
B
C
D
E

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Senior Manager
Senior Manager
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Joined: 17 Jul 2009
Posts: 260
Concentration: Nonprofit, Strategy
GPA: 3.42
WE: Engineering (Computer Hardware)
Re: Average Sale Price [#permalink]

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New post 27 Jul 2009, 16:26
E, 1 and 3, take, for example, since the median is 130000 and mean is 150000, to balance it out, the prices has to be higher than than 150000 + 20000 > 165000, the same goes for the price being less than 130000
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Re: Average Sale Price [#permalink]

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New post 27 Jul 2009, 16:36
1
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??
Director
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Joined: 05 Jun 2009
Posts: 683
WE 1: 7years (Financial Services - Consultant, BA)
Re: Average Sale Price [#permalink]

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New post 28 Jul 2009, 00:14
IMO A

case:
130*8, x*7 ==> x>165 (min. possible value is x)
1 true
2 not necessary
3 not necessary
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Re: Average Sale Price [#permalink]

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New post 28 Jul 2009, 14:02
Well explained whatthehell. I did the same procedure. +1
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Re: Average Sale Price [#permalink]

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New post 28 Jul 2009, 15:49
1
got my first kudos. Thanks!

--== Message from GMAT Club Team ==--

This is not a quality discussion. It has been retired.

If you would like to discuss this question please re-post it in the respective forum. Thank you!

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Re: Average Sale Price   [#permalink] 28 Jul 2009, 15:49
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