A total of 5,000 people live in the town of Econville. There are 1,000 high scho

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A total of 5,000 people live in the town of Econville. There are 1,000 high school students, 1,000 undergraduate students, 1,000 graduate students, 1,000 economics professors, and 1,000 retired economists. Suppose that the total annual income in the economy is $100 million: Each high school student makes $7,000 annually; each undergraduate makes $12,000 annually; each graduate student makes $20,000 annually; each professor makes $56,000 annually, and each retiree makes $5,000 annually. The following chart shows the income distribution for the town of Econville. SHARE OF TOTAL INCOME (Percent) 60 50 40 30 20 10 High Under- Grads Profs Retirees School grads Suppose that the government sets the poverty threshold at an annual income of $10,000. The poverty rate in Econville is

Explanation / Answer

Ans

Have already answered it. So will just mentions answers

1 =2000/5000 (100)=40%

2 B I. E retirees, high school students........ Is right

3 does show

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