According to the 2017 estimate by the Census Bureau, the median household income in the United States

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According to the 2017 estimate by the Census Bureau, the median household income in the United States is $57,652, while the mean income is $81,283.

What causes such a difference in the figures? Which type of average better describes the income of the typical American household?

Find another data set where there is a disparity between the median, mean, and/or mode. Provide a reference to the data, and discuss why the differences between these three descriptions of the data exist.

Related Book For answer-question

Microeconomics

ISBN: 978-1429283434

3rd edition

Authors: Paul Krugman, Robin Wells

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Posted Date: Jun 21, 2020 11:32 PM

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According to the 2017 estimate by the Census Bureau, the median household income in the United States

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The median household income in the United States was 57652 while the mean income was 81283 according ... View the full answer

Microeconomics

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