Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Consider two communities: Alpha and Omega. Alpha has 10 residents, 5 who earn $60,000 and 5 who earn $20,000. Omega also has 10 residents, 5

image text in transcribed
Consider two communities: Alpha and Omega. Alpha has 10 residents, 5 who earn $60,000 and 5 who earn $20,000. Omega also has 10 residents, 5 who earn $125,000 and 5 who earn $25,000. 2nd attempt Part 1 (2 points) The income inequality ratio in Alpha is : , and the income inequality ratio in Omega is 5 Part 2 (1 point) Alpha and Omega each have 10 residents. The top two residents in Alpha have an average income of $90,000, and the bottom two residents in Alpha have an average income of $30,000. The top two residents in Omega have an average income of $250,000, and the bottom two residents in Omega have an average income of $50,000. How much would the top two residents in Alpha have to earn in order for Alphe to have the same income inequality ratio as Omega? The top two Alpha residents would need to earn $ each. Part 3 (1 point) Suppose Alpha's community grew to 15 residents with the following incomes: 2 residents' income $125,000 1 resident's income 200,000 1 resident's income 220,000 3 residents' income 55,000 3 residents' income 22,000 2 residents' income 85,000 I resident's income 450,000 1 resident's income 16.000 1 resident's income 130,000 The new income inequality ratio in Alpha is (Round to two decimal places.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

University Physics with Modern Physics

Authors: Hugh D. Young, Roger A. Freedman

14th edition

978-0133977981

Students also viewed these Economics questions