The data frame Econ contains the following variables Year In

The data frame Econ contains the following variables: Year, Income, Population, which represent the year of each observation, the total income earned by everyone in the US in that year, and the total population of the US respectively. How would you create a variable in the data frame named AvgIncome that represents the average income earned by each person in the USA for each year? (Remove any spaces)

Solution

Average Income = Total Income / Total Population ( of that year)

Therefore the variable in the table can be created using the following formula and can be added to the table.