average household income of the different countries

[Aakanksha]

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

[Aakanksha]

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.

[ahtutor]

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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