Question: 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.

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.

Step by Step Solution

3.43 Rating (169 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

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

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!