"Mean (or arithmetic mean) is a type of average. It is computed by adding the values and dividing by the number of values. Average is a synonym for arithmetic mean - which is the value obtained by dividing the sum of a set of quantities by the number of quantities in the set.
In respect to this, how are median and average different?
The mean, sometimes called the arithmetic mean, of this set is 33. The mean is the sum of all the numbers in the set (167) divided by the amount of numbers in the set (5). The median is the middle point of a number set, in which half the numbers are above the median and half are below.
Is the average and median the same thing?
mean is kind of the average of some numbers given and it is found out by adding the given numbers then dividing it by the no: of numbers given. but median as its name suggest is the middle value . In the above given entries 4 is the median and the mean or average is 5. they are not the same.
What is the difference between average and median household income?
Median income is the amount which divides the income distribution into two equal groups, half having income above that amount, and half having income below that amount. Mean income (average) is the amount obtained by dividing the total aggregate income of a group by the number of units in that group.