Question
The line graph above shows the average price of one metric ton of oranges, in dollars, for each of seven months in 2014.
Which of the following is closest to the median price,
in dollars, of the seven recorded prices of one metric
ton of oranges?
- 834
- 808
- 783
- 768
Hint:
Hint:
Median is that value in the data which is at the middle when the data is arranged in ascending or descending order. If there are ‘n’ number of values in the data given, then
where the values are arranged in ascending r descending order.
The correct answer is: 808
From the graph, we get
Approximate average price of one metric ton of oranges in February=776$
Approximate average price of one metric ton of oranges in March= 809$
Approximate average price of one metric ton of oranges in April = 841$
Approximate average price of one metric ton of oranges in May = 835$
Approximate average price of one metric ton of oranges in June= 833$
Approximate average price of one metric ton of oranges in July= 780$
Approximate average price of one metric ton of oranges in August=770$
We arrange the above values in ascending order:
770 776 780 809 833 835 841
We have seven values in the data, seven is an odd number.
So,
Median= 
value = 4th value which is 809
Hence, the median of the average price is 809$
From the options given, 808 is closest to the 809.
Hence, the correct option is B)
Note:
To find the closest value to 809, we need to find the difference between 809 and the numbers given in the options, and choose the minimum one to get the closest value
The formula for mean, median and mode must be always kept in mind.
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A simpler way of solving this question is to check where the decrease in the graph has the steepest slope between two months. It is clearly between the months June and July. Here, it is obvious; but that may not be the case in other problems. So, we need to always calculate the actual decrease in the value.
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and 
