According to the U.S. Census Bureau, the average household income was $73,298 in 2014 (the latest year for which complete data is available). The median household income in 2014 was $53,719. Does a $20,000 difference seem like a big deal in these two different measures? What explains the discrepancy? Which measure do you think better captures the central tendency (or lay person’s sense of “average”) of the distribution of income in this country?
According to the U.S. Census Bureau, the average household income was $73,298 in 2014 (the latest year for which complete data is available). The median household income in 2014 was $53,719. Does a $20,000 difference seem like a big deal in these two different measures? What explains the discrepancy? Which measure do you think better captures the central tendency (or lay person’s sense of “average”) of the distribution of income in this country?
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
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According to the U.S. Census Bureau, the average household income was $73,298 in 2014 (the latest year for which complete data is available). The median household income in 2014 was $53,719.
Does a $20,000 difference seem like a big deal in these two different measures? What explains the discrepancy? Which measure do you think better captures the
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