Median
The middle value in a sorted dataset, unaffected by extreme outliers.
To find the median, sort the data and pick the middle value. For {1, 3, 5, 7, 100}, the median is 5 — which represents the dataset better than the mean of 23.2, which is skewed by the outlier 100. For even-sized datasets, the median is the average of the two middle values. Median income is the standard measure of prosperity because it is not distorted by billionaires pulling the average up. Median US household income is approximately $80,000; mean household income is approximately $115,000.
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