More specifically I’m referring to the US: The Median income is $31,000 but the GDP per capita is $65,000. These are 2 measures of how wealthy an average citizen is, yet they are drastically different numbers. Could someone explain?
In: Economics
0, 1, 1, 1, **1**, 1, 1, 11, 19 -> the median, the middle is 1
0+1+1+1+1+1+1+11+19 = 36/9 = **4** -> the mean, the average is 4
The median ignores outliers, the mean doesn’t.
Latest Answers