In what real-world scenarios might different measures of central tendency yield significantly different insights?
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In real-world scenarios like income distribution or real estate prices, the mean can be skewed by extreme values (e.g., high incomes or luxury homes), while the median offers a more accurate representation of the typical value. For ordinal or heavily skewed data (like customer satisfaction or test scores), the mode or median is often more informative than the mean, as they are less sensitive to outliers.