To find the median of the given set of values (which are the prices of the race cars), we need to follow these steps:
List of Race Car Values: [45000, 82000, 99000, 64000, 78000, 56000, 73000]
Step 1: Sort the set of values in ascending order.
Sorted List: [45000, 56000, 64000, 73000, 78000, 82000, 99000]
Step 2: Determine the middle value. If the list has an odd number of observations, the middle one is selected. If it is even, we average the two middle values.
Since the number of values in our sorted list is 7 (an odd number), we will find the value in the (7 + 1) / 2 = 4th position in the ordered set. This points us to the 4th value, which is $73,000.
Thus, the median value of race cars is $73,000.