Referring to the file Question 1 Data.xls, suppose you want to purchase a home in bay area and have started to shop. Your budget is strictly fixed (<$1.2 Million) and you have the statistics mentioned in the data.
You also have access from the website www.redfin.com which is one of the best websites for real estate buyers. You want to make a decision quickly and want to do your analysis. Please go over each of the below measures of central tendency and explain in a few lines how reliable they are and their pros/cons in helping you decide.
Range
Min-Max
Median
Mean
Variation.
Also identify which of the above is least effected by outliers and if you are dealing with a real estate agent that does not utilize central measures of tendency, what approaches would you enlist to work with them?