Is mean average? Does mean mean average? What is average?
There are three types of averages, these are mean, median and mode
When only average is mentioned is normally mean the mean which is the average value in a set of numbers is the middle value, calculated by dividing the total of all the values by the number of values.
When we need to find the average of a set of data, we add up all the values and then divide this total by the number of values.
How to calculate the median average
To calculate the median average of a set of numbers, first order the numbers in the set from least to greatest.
Then, if the set has an odd number of items, the median is the middle value.
If the set has an even number of items, the median is the average of the two middle values.
For example, if you have the set of numbers: [4, 2, 9, 5, 8], you would first order them from least to greatest: [2, 4, 5, 8, 9]. Then, since the set has an odd number of items, the median is the middle value which is 5.
If you have set of numbers [4, 2, 9, 5, 8, 6], you would order the numbers [2, 4, 5, 6, 8, 9], since the set has an even number of items, the median is the average of two middle values which is (5+6)/2 = 5.5
Median is useful when your dataset has outliers (very high or very low values) and you want to know the middle value of the dataset.
Average median income
A common question is what is the average median income of a country? This is calcualted by dividing the income distribution into two equal groups with half having an income above that amount and the other half having an income below that amount. The Mean income average is us the income of a group by the number of earners in that group.