Question 3 In a small town there were 9 home sales in 2011, with sales prices ranging from $12,500 to $300,000. Due to a

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Question 3 In A Small Town There Were 9 Home Sales In 2011 With Sales Prices Ranging From 12 500 To 300 000 Due To A 1 (89.67 KiB) Viewed 26 times

Question 3 In a small town there were 9 home sales in 2011, with sales prices ranging from $12,500 to $300,000. Due to a typo, the highest sale price is changed from $300,000 to $3,000,000. (a) Does the typo affect the median sales price? If so, by how much? (b) Does the typo affect the average? If so, by how much? (c) Let's consider a new summary statistic called the midrange of the data: midrange(₁, ..., In): max; Ti + min, Ti 2 In other words, the midrange is the average of your maximum and minimum observation. Why do you think the midrange isn't as popular a summary statistic as the mean or the median? What is undesirable about it?