Part C: Now consider the relative poverty line which is 50 percent below median adjusted income. What percentage of households are in poverty in this instance? [Hint: For these computations, you can copy the data into a spreadsheet application and use the formula command to determine the above calculations] Part D: In lieu of income levels, briefly describe an alternative method of determining economic well-being (namely, the Human Development Index).

Part C: Now consider the relative poverty line which is 50 percent below median adjusted income. What percentage of households are in poverty in this instance? [Hint: For these computations, you can copy the data into a spreadsheet application and use the formula command to determine the above calculations] Part D: In lieu of income levels, briefly describe an alternative method of determining economic well-being (namely, the Human Development Index).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Part D: In lieu of income levels, briefly describe an alternative method of determining economic well-being (namely, the Human Development Index).

Consider the following set of unadjusted annual household income values (total
income before taxes) and their respective household sizes:
Income
Household Size
24480
1
32528
2.
34021
1.
36816
43785
4
46628
1
53226
55854
58634
3
64263
3.
70416
72020
74730
78109
78710
4.
81711
3.
82511
83122
94725
98188
3230NN

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Step 1: Define Annual Household Income

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Step 2: Part C. Determine the percentage of household in poverty line

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Step 3: Determine the equivalent household income when the poverty line is 50%

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Step 4: Part D:Determine an alternative method of measuring economic well-being.

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