Question
Suppose that a certain state has 794,000 people. Let the gross income for the i th person be denoted by G i , the taxes
Suppose that a certain state has 794,000 people. Let the gross income for the ith person be denoted by Gi , the taxes for the ith person be denoted Ti , and the disposable income for the ith person be denoted Di . Suppose that the mean gross income per year is $50,000, and the average taxes per year is $7500.
a.) If the individual disposable income is the gross income minus taxes, write down the equation for Di
b.) Find the average disposable income per year for the entire state.
c.) Find the total taxes per year for the entire state, and the total gross income for year for the entire state.
d.) Find the total disposable income per year for the entire state.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started