What is the average deviation of the following land sales: $65,000, $77,000, $62,500, $75,000, $80,000, $77,500, $72,500, $82,000?

To determine the average deviation, the process involves several key steps. First, calculate the mean (average) of the given land sales values. By adding all the sales amounts together and dividing by the total number of sales, you find the mean:

[

Mean = \frac{(65,000 + 77,000 + 62,500 + 75,000 + 80,000 + 77,500 + 72,500 + 82,000)}{8} = \frac{619,500}{8} = 77,437.50

]

Next, compute the absolute deviations from the mean for each land sale price. This means taking the absolute value of the difference between each sale and the mean:

• ( |65,000 - 77,437.50| = 12,437.50 )

• ( |77,000 - 77,437.50| = 437.50 )

• ( |62,500 - 77,437.50| = 14,937.50 )

• ( |75,000 - 77,437.50| = 2,437.50 )

• ( |80,000 - 77,