What is mean wage?
A wage is the amount of money an employee is paid for working a certain number of hours. The wage is usually expressed in terms of an hourly rate.
Why is mean wage used?
Mean wage is used because it is a more accurate representation of the average wage than the median wage. The median wage is the wage at which half of the workers earn more and half of the workers earn less. The mean wage is the average wage of all the workers. The mean wage is more accurate because it takes into account the wages of both the high and low earners.
What are the benefits of mean wage?
There are many benefits of mean wage. Mean wage can help employers determine how much to pay their employees, which can help attract and retain the best employees. Mean wage can also help employees determine how much they should be earning and help them negotiate their salaries. Mean wage can also help policymakers and researchers understand wage inequality and how it affects different groups of workers.
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