Mean, median and mode

Average income in the United States

Background You have a sample of 11 people and their personal annual income.
Task 1 Calculate the mean, median and mode
Task 2 Try to interpret on the numbers you got

Solution:

Annual income Task 1: Annual income

$ 62,000.00 Mean $ 189,848.18
$ 64,000.00 Median $ 55,000.00
$ 49,000.00 Mode $ 64,000.00
$ 324,000.00
$ 1,264,000.00
$ 54,330.00 Task 2: Income is a very interesting topic. There is extreme variability in the income of different in
$ 64,000.00 Generally, most of the people gravitate around a certain salary.
$ 51,000.00 Moreover, in most countries there is a minimum salary, therefore most data points are co
$ 55,000.00 Finally, there are certain individuals that are earn much more than others. They are the ou
$ 48,000.00 Usually, whenever we have research on income, we use the median income, instead of t
$ 53,000.00 Income is an example where averages are meaningless. You should be aware that the co
me variability in the income of different individuals.
certain salary.
alary, therefore most data points are constrained between the minimum salary and some number.
much more than others. They are the outliers.
we use the median income, instead of the mean income.
ngless. You should be aware that the correct measure to use depends on the research that you are conducting.