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To find the median of an even number of values, you need to take the mean of the 2 middle numbers. Since there is only 2 numbers, take the mean to find the median. The median is (500 + 1M)/2 = 500250.
the median is a value of which half of all the values are less than, and half of all the values are greater than.
You would need to take repeated samples, find their median and then calculate the standard error of these values.
Mean = average formed by adding values together and dividing by the total number of values Mode = the most popular value Median = line up all values in order and take the middle value
It is halfway along the distribution of set values. There are as many members of the set with values smaller than the median as there are with values bigger than it.