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Median income is the amount which divides the income distribution into two equal groups, half having income above that amount, and half having income below that amount. Mean income (average) is the amount obtained by dividing the total aggregate income of a group by the number of units in that group.
Tag Archive for median income Mean vs. Median Income: Which One to Use and What it Means for South Central Kentucky When it comes to economic indicators as litmus tests on the state of the economy, the measurement of mean or median income is often discussed. What has happened to the âtypicalâ personâs income over time? What does the âtypicalâ income tell us about the state of income distribution? Are people better off today than theyâ¦ Read more â