Suppose your country consists of only 5 people with the following incomes, in year 1
The Correct Answer and Explanation is:
Based on the image provided, here is the calculation for the median income:
1. Understand the Request:
The goal is to calculate the median income from the given list of five incomes.
2. List the Incomes:
The incomes for the 5 people are:
- $20,000
- $30,000
- $50,000
- $80,000
- $170,000
3. Define Median:
The median is the middle value in a list of numbers that has been arranged in numerical order (from smallest to largest).
4. Find the Median:
The list of incomes is already sorted in ascending order. Since there are 5 incomes (an odd number), the median is the number exactly in the middle.
$20,000,
30,000,∗∗30,000,∗∗50,000**, $80,000, $170,000
The middle value is $50,000.
Conclusion:
The median income in year 1 is $50,000.
Looking at the options:
- $40,000
- $55,000 (This option is selected in the image, but it is incorrect)
- $50,000 (This is the correct answer)
- $70,000
