Thinking about means and medians. In 2012, approximately 5% of employed wage and salary workers were being paid hourly rates at the federal minimum wage level. Would federal legislation to increase the minimum wage have a greater effect on the mean or the median income of all workers. Explain your answer.
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The mean income is the average income of all workers, calculated by summing up the incomes of all workers and dividing it by the total number of workers. The median income is the middle value of all incomes when they are arranged in ascending order. Now, let's Show more…
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