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Suppose you are investigating selling prices of properties. You have obtained summary measures for a random sample of 500 properties. The mean selling price was $520,000 while the median was $410,000. The highest and lowest selling prices were $850,000 and $250,000, respectively.
(a) Is the distribution of property prices symmetric, right-skewed or left-skewed? How many properties in the sample sold for less than $410,000? Explain how you know.
(b) Based on the given information, can you determine how many properties sold for more than $520,000? Why or why not? Explain
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