Question
According to the 2017 estimate by the Census Bureau, the median household income in the United States is $57,652, while the mean income is $81,283.
According to the 2017 estimate by the Census Bureau, the median household income in the United States is $57,652, while the mean income is $81,283.
What causes such a difference in the figures? Which type of average better describes the income of the typical American household?
Find another data set where there is a disparity between the median, mean, and/or mode. Provide a reference to the data, and discuss why the differences between these three descriptions of the data exist.
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Microeconomics
Authors: Paul Krugman, Robin Wells
3rd edition
978-1429283427, 1429283424, 978-1464104213, 1464104212, 978-1429283434
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