Hi everyone,
I couldn't find an answer online, so I was wondering if the community here could help me out with a question that's been bothering me.
In most statistics, there is usually a significant difference between average and median values. Take income for instance. Since the maximum income is technically infinite, but the minimum income cannot go below zero, statistics that show average incomes are misleading due to the distortion caused by extremes on the high end. That is why median incomes were introduced to measure what the average person is actually making.
The effect in IQ measurements in obviously much smaller, but here too, people with IQs of 200 exist, but there's hardly anyone with an IQ below 50. So, taking 100 as the average in a given population, I wonder if there is any way to tell what the median IQ is, which by definition must be a lower number. Has anyone studied this and is there a rule of thumb, say something like average IQs are X+Y percent higher than median IQs in a typical population?
What I would like to know if there is a way to tell median IQs in any given population if we know what the average is?
I would appreciate any input or explanation and since I'm not a statistician, in layman's terms please.