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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.
An average is just one measure of central tendency for any set of data. Another measure is a median. For our wage data, the median wage (or net compensation) is the wage in the middle.. That is, half of the workers earned below this level.The table below shows that the median wage is substantially less than the average wage.or our wage data, the median wage (or net compensation) is the wage in the middle.. That is, half of the workers earned below this level. The table below shows that the median wage is substantially less than the average wage.