Doesn’t using mode just make a lot more sense? You are much more likely to be the mode than you are likely to be average in the mean class
[Originally said average in the title, fixed thanks to jbrains]
Doesn’t using mode just make a lot more sense? You are much more likely to be the mode than you are likely to be average in the mean class
[Originally said average in the title, fixed thanks to jbrains]
And the mean average makes no sense here either, which is why incomes and wealth are almost always quoted as medians instead of means, unless they’re totals which is a roundabout way of reporting the mean (if you know the population baseline).
The more unequal a country, the larger the difference between mean and median incomes.