The value of the variable of the given data for which the number of observations with values less than it and grater than it are equal is (a) mean (b) median (c) mode (d) range

Mean: The mean of a dataset is the sum of all the values divided by the number of values. It gives the average of all the values in the data. Median: The median of a dataset is the middle value when the data is arranged in ascending or descending order. If there is an even number of values, then the median is the mean of the two middle values. The number of observations with values less than the median is equal to the number of observations with values greater than the median. Mode: The mode of a dataset is the value or values that occur most frequently in the data. There could be multiple modes, or none at all (a uniform distribution). Range: The range of a dataset is the difference between the maximum and minimum values in the data.

In this case, the measure that represents the value of the variable for which the number of observations with values less than it and greater than it are equal is the median. So, the correct answer is: (b) median