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EBK ECONOMICS
4th Edition
ISBN: 8220101443649
Author: KRUGMAN
Publisher: YUZU
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Question
Chapter 18, Problem 3P
To determine
Concept Introduction:
Mean Income: This refers to the average income of a resident which shall be calculated by dividing the total income of the society with the number of people in the population.
Median Income: This refers to the level of income which divides the total income into two parts. The amount of income above the median income is equal to the amount of income below the median income. It is the midpoint of the total income.
Income Distribution: This refers to a measure which is used to determine how the income is distributed among the population of a society. Income may be equally or unequally distributed.
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