Answer :
Median of the given set of price is $4500
What is median?
The median is the value separating the higher half from the lower half of a data sample, a population, or a probability distribution
Given set of data = $7000, $2000, $9000, $3000, $5000, $4000
Order the values from low to high
$2000, $3000, $4000, $5000, $7000, $9000
Find the middle term
Here number of terms = 6
It is even number
Then find [tex]\frac{n}{2}[/tex] and [tex]\frac{n}{2}+1[/tex] terms
[tex]\frac{n}{2}=\frac{6}{2}=3[/tex]
[tex]\frac{n}{2}+1=3+1=4[/tex]
Median is the mean of the 3rd value and 4th value
Median =[tex]\frac{4000+5000}{2}=4500[/tex]
Hence, the median of the given set of price is $4500
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