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Why do we need average income |
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Answer» We need average income of countries to know which country is rich. We calculate by the formula total income of country divided by total population it is also known as per capita income. For comparison between countries total income is not such in useful measure since countries we have different populations comparing total income will not tell us what an average person is likely to earn hence we compare the average income which is the total income of the country divided by its total population the average income is also called per capita income. |
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