What is meant by the median and interquartile range?
After prices of a medicine have been collected from a group of outlets, the median is a statistical result meaning the mid-point of all the prices. One can arrange all the prices from smallest to largest and the median is the price in the middle (if there are an odd number of prices) or the mid-point between the two in the middle (if there are an even number). Essentially, half of the prices are below the median and half are above. The median allows you to summarize all the prices with a single numerical result. The interquartile range is defined by the 25th and 75th percentile prices, after ordering by price. The 25th percentile price is the midpoint between the minimum price and the median price. One quarter of all the prices are smaller than 25th percentile and three quarters are larger. Likewise, the 75th percentile price is half-way between the median and the maximum, with three quarters below and one quarter higher. Thus, the interquartile range (or IQR), which is all the prices
