Forums Assignment Help average household income of the different countries

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  • #27

    Aakanksha
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    How do the average household income of the different countries compare?

    #8576

    Aakanksha
    Participant

    In order to answer this question it is best to look at median household income. Median household income represents the statistical mid-point, with half of all households making more and half making less.

    For the developed nations, median household income figures range from $30,000 to $55,000. For US states median household income figures range from $32,000 to $57,000. Overall, median household income levels among developed nations are similar to those found among US states.

    #8578

    ahtutor
    Participant

    PX is the price of good X

    It is measured in dollars per unit of good X

    The consumer pays this price no matter what quantity she buys.

    That is, there are no quantity discounts and there is no rationing

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