Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the table related to the size distribution of income to answer two questions. Share of Total Income Group 2017 Income Average Income Income Highest

image text in transcribed
Use the table related to the size distribution of income to answer two questions. Share of Total Income Group 2017 Income Average Income Income Highest fifth Above $127,000 $221,800 51.4% Second fifth $78,000 - $127,000 99,000 23.0 Third fifth $47,000 - $78,000 61,600 14.3 Fourth fifth $25,000 - $47,000 35,400 8.2 Lowest fifth 0 - $25,000 13,300 3.1 According to the table, a. What is the average income in the United States? Instructions: Round your response to one decimal place. b. What percentage of the average income of people in the highest fifth would have to be taxed away to bring them down to that average

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Research In Forest Economics And Forest Policy

Authors: Marion Clawson

1st Edition

1317362624, 9781317362623

More Books

Students also viewed these Economics questions