What is average income? Also write down the formula to calculate the average income of the country

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Solution

The average income is defined as the income that is earned by per person in a given area for a period of time.

It is calculated as:

Average income = total income of the area/total population of that area

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Similar questions

Per capita income of the country is defined as :

(a) Average income earned by all the residents of the country

(b) Total income of the country/ total population

(d) Average income of all working population population of a country

"The average income of 100 persons is 20 while the average income of 150 persons is 25. Calculate the average income of 50 persons"

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