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Topic: Re: Mean, Median and Mode - the three-headed monster
Replies: 2   Last Post: Apr 10, 2014 8:50 PM

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Richard Strausz

Posts: 2,807
Registered: 12/4/04
Re: Mean, Median and Mode - the three-headed monster
Posted: Apr 10, 2014 8:03 PM
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> > It is math. For example, if I were to choose 10
> houses at random and take the mean price of those 10
> houses, would it be closer to the median price of all
> houses, or the mean price of all houses?
>
> Got me.
>
> Did a single person understand what I made perfectly
> clear in my web page?
>
> The median is worthless. When told the median, all
> you can conclude is that it falls somewhere within
> the range of values, maybe at one extreme or the
> other. If you're not given the range, then the
> median is less than worthless.
>

On my cousin's block of 10 houses, the mean family income was $14,000,000 last year. The median family income was $97,000. Mr. and Mrs. Bill Gates live on that street.

Richard



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