US paychecks growing…

@kmax87 said
Median gets rid of the distortion very high outliers have on the mean. It's literally the middle value and can give a more accurate idea of what's happening to the average (mean) value because the impact of high end values are ignored.

I thought median was biased toward those high end outliers. For example

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1
2
2
2
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3
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81

The average is 10 but the median is 41.

EDIT Thanks for correction, the midrange is 41, the median is 2. Might as well point out that the mode is also 2 while we're at it.

@AThousandYoung said
I thought median was biased toward those high end outliers. For example

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1
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2
2
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81

The average is 10 but the median is 41.

The median of that data set is 2.

"The median is the middle number in a sorted list of numbers and can be more descriptive of that dataset than the average." https://www.investopedia.com/terms/m/median.asp

41 would be the midrange:

"To find the midrange, add together the least and greatest values and divide by two, or in other words, find the mean of the least and greatest values." https://content.nroc.org/DevelopmentalMath.HTML5/U08L2T1/TopicText/en/textbook.html

@no1marauder said
The median of that data set is 2.

"The median is the middle number in a sorted list of numbers and can be more descriptive of that dataset than the average." https://www.investopedia.com/terms/m/median.asp

41 would be the midrange:

"To find the midrange, add together the least and greatest values and divide by two, or in other words, find the mean of the least an ...[text shortened]... reatest values." https://content.nroc.org/DevelopmentalMath.HTML5/U08L2T1/TopicText/en/textbook.html

Clearly I need to brush up on my statistic terminology.

@AThousandYoung said
Clearly I need to brush up on my statistic terminology.

You dont have to do any figuring, the govt predetermined how much goes on your ebt

@AThousandYoung said
Clearly I need to brush up on my statistic terminology.

They usually default to median in property values.
A street might have 10 houses and the average price might only be around 600k if you ignore 2 of the houses at 1.2 mil. The two properties at 1.2 mil would take the street average up to 720k which would put that street out of your range if you looked at mean value. Median value would probably be slightly below 600k. which for any buyer might make the street affordable.