Complete the following table to help you determine the poverty rate in Perkopia in 2004. To do this, begin by determining the total income of all individuals in each quintile using the fact that total annual income in the economy is $500,000,000. Next, determine the income of an individual in each quintile by dividing the total income of that quintile by the number of people in that quintile. (Hint: Recall that Perkopia has a population of 10,000 people.) Finally, determine whether the individual income for each quintile falls below the poverty line of 25300. Quintile Lowest Second Middle Fourth Highest Share of Income in 2004 (Percent) 3.4 9.0 14.6 22.0 51.0 Total Income (Dollars) 45,000,000 73,000,000 110,000,000 255,000,000 Individual Income (Dollars) 8,500 36,500 55,000 127,500 Using the information in the previous table, the poverty rate in Perkopia in 2004 is Which of the following statements are correct? Check all that apply. In the year 2004, the poverty rate after the introduction of the welfare program in Perkopia is Below Poverty Line? Suppose that the government introduces a welfare program in which any individual with an income of less than $25,300 per year receives a lump-sum transfer payment of $7,000 from the government. Assume that, in the short run, there is no change in labour supply behaviour among the people in Perkopia. PPPPP Again, suppose the government introduces a welfare program in which any individual with an income of less than $25,300 receives a lump-sum transfer payment of $7,000 from the government. Yvette, a resident of Perkopia who currently earns an income of $24,499, has the opportunity to work overtime and earn an additional $1,500 this year. The $7,000 in aid presents a disincentive for Yvette to make more than $25,300 per year. Yvette may accept the overtime if she feels that taking it will increase the chances of her receiving a significant promotion. Yvette would gain more income by turning down the overtime than she would if she accepted the overtime.