Answer all question.

1. Compare and contrast mean, median, mode, and midrange. Be sure to explain the advantages and disadvantages of each.
2. Explain how a score of 68% on one test could possibly be considered better than a score of 85% on a different test using the idea of relative standing.
3. Why is the median price used to reflect average home prices in most areas, rather than the mean or mode? Should all people have similar houses or is it fair that some houses are much more expensive than others? Why or why not?
4. Some universities use SAT and ACT scores to determine whether to accept students. How can those two different scores be compared when they are on different scales and have completely different numeric values? Do you think test scores are a fair way to determine entrance eligibility to a college or university? Why or why not?
5. If the median income for a certain area is far above poverty level, does that mean the area has no problem with poverty? Why or why not? What would have to be true about the dispersion in order to be sure that there is no poverty problem in this area? Are there any other statistics that are important to understand in order to answer this question?