State Which Type of Average, the Mean, Median, or Mode

question 21

Essay

State which type of average, the mean, median, or mode, would be most appropriate in the situation described. Explainyour thinking.
-You are considering moving to a new city and would like to know the average price of a
new home in that city. Which type of average would be the most useful to you?

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Definitions:

Oral

Relating to the spoken word or communication by mouth, as opposed to written or non-verbal means.

Writing Requirement

A legal principle stating that certain kinds of contracts or agreements must be in writing to be enforceable.

Promissory Estoppel

A legal principle that prevents a party from retracting a promise which the other party has reasonably relied upon to their detriment.

Oral Contracts

Agreements between parties that are made verbally and not recorded in written form, yet are still legally binding under certain conditions.