The Following Data Represents the Sales (Measured in $10,000) of Seven

question 123

Essay

The following data represents the sales (measured in $10,000) of seven real estate salespersons employed by a local agency:
23 34 56 47 45 60 249
Which measure of center, the mean or the median, would provide a better measure of the average sales of the company?
______________
Explain.
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Definitions:

Short-Run Equilibrium

The state in which the quantity supplied equals the quantity demanded within a short time frame, often with some factors held constant.

Economic Loss

The monetary value of the decrease in welfare or trade-offs resulting from an economic transaction or decision, beyond just the physical loss.

Product Differentiation

The strategy of setting a product or service apart from others in the industry to enhance its attractiveness to a specific target group.

Allocative Efficiency

A condition of distributing resources in which improving the situation of one person necessitates the detriment of another.