Question.3402 - Enter "name of the specific business/economic measurements/indicators in the title Name of the publication and Copy/paste the URL (link to) of the publication below it Describe the business/economic measurement/indicator that is discussed in the publication If this publication uses both MEDIAN and MEAN(Average), explain what differences you see between the two? If the publication uses only MEDIAN, explain why only the MEDIAN measurement is used
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Enter "name of the specific business/economic measurements/indicators in the title:" Income in the United States: 2023 Name the publication and Copy/paste the URL (link to) of the publication below it. Publication: United States Census Bureau URL: https://www.census.gov/library/publications/2024/demo/p60-282.html Describe the business/economic measurement/indicator that is discussed in the publication. This report is regarding the real median household income in the year 2023. The data collected was compared with the real median household income of 2022 and how significantly it changed in 2023. For instance, the report highlights an increase of 4.0 in 2023 from the median household income in 2022(US Census Bureau, 2024). In 2022, the median was estimated to be $77,540, and an increase of 4% has estimated the median household income for 2023 to be $80,610 (US Census Bureau, 2024). Several other factors, such as the total number of workers, full-time work, and earnings of men and women, were compared between 2022 and 2023 median household income. If this publication uses both MEDIAN and MEAN(Average), explain what differences you see between the two? If the publication uses only MEDIAN, explain why only the MEDIAN measurement is used. The report uses only the median, providing a more accurate picture of income trends and economic conditions and less sensitivity to outliers. This makes it easier to understand how income levels are changing. References US Census Bureau. (2024, September 10). Income in the United States: 2023. Census.gov. https://www.census.gov/library/publications/2024/demo/p60-282.htmlMore Articles From Management
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