Can you think of other real-life instances where median is the more appropriate metric to measure central tendency?
Question
Can you think of other real-life instances where median is the more appropriate metric to measure central tendency?
Solution
Yes, there are several real-life instances where the median is a more appropriate metric to measure central tendency. Here are a few examples:
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Income: If you're trying to determine the "average" income in a certain area, the median is a better measure than the mean. This is because income distribution is often skewed, with a small number of people earning significantly more than the rest. Using the mean in this case would give a higher average due to these outliers, while the median provides a more accurate picture of what the typical person earns.
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House Prices: Similar to income, house prices can also be skewed with a few houses being extremely expensive. The median gives a better idea of the central tendency.
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Age: In a certain locality or a country, if you want to find out the 'average' age of the population, median is a better measure as it is not affected by extreme values (like a few
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