How it works:
The middle value when all prices are sorted. Half the prices are below this, half are above.
Real-life application:
Best for: Understanding the "typical" price that most customers will encounter.
Benefits: Not affected by outliers at all. One extreme price won't change the median.
Use case: Fair baseline pricing. Half your customers will find better deals, half will pay more.
Example: Prices of 5K, 5K, 5.5K, 6K, 20K → Median is 5.5K (much better than average of 8.3K)