Income data is often described as being what type of distribution, contrasting with the normal distribution?
Answer
Right-skewed
Income data is often right-skewed because a few extremely wealthy individuals pull the mean far above the median, while the majority of people cluster at lower income levels, meaning the data trails off unevenly.
#Videos
The Normal Distribution, Clearly Explained!!! - YouTube
Related Questions
What is the mathematical name for the distribution described by a symmetric bell shape?What is the defining visual feature of the normal distribution?Which two measurable characteristics entirely dictate the location and spread of a normal distribution?What role does the mean ($\mu$) play in defining the normal distribution?How does a large standard deviation ($\sigma$) affect the shape of the normal curve?In a perfect normal distribution, what is true about the mean, median, and mode?According to the Empirical Rule, what percentage of data falls within one standard deviation ($\pm 1\sigma$) of the mean?What is the standardized version of the normal distribution called?What mathematical concept is used to transform a raw data point ($X$) into a standard unit of distance from the mean?Income data is often described as being what type of distribution, contrasting with the normal distribution?