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PLEASE SHOW WORK: Question 1 Consider an economy with 10,000 individuals. Of them, 5,000 each earn $25,000; 3,000 each earn $40,000; and 2,000 each earn $100,000. a. What is the Gini coefficient for this economy? b. What would the Gini coefficient be if the wealthiest 2,000 individuals were taxed 30% of their income, with the proceeds being distributed equally to the 5,000 poorest individuals?

PLEASE SHOW WORK: Question 1 Consider an economy with 10,000 individuals. Of them, 5,000 each earn $25,000; 3,000 each earn $40,000; and 2,000 each earn $100,000. a. What is the Gini coefficient for this economy? b. What would the Gini coefficient be if the wealthiest 2,000 individuals were taxed 30% of their income, with the proceeds being distributed equally to the 5,000 poorest individuals?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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PLEASE SHOW WORK: Question 1 Consider an economy with 10,000 individuals. Of them, 5,000 each earn $25,000; 3,000 each earn $40,000; and 2,000 each earn $100,000. a. What is the Gini coefficient for this economy? b. What would the Gini coefficient be if the wealthiest 2,000 individuals were taxed 30% of their income, with the proceeds being distributed equally to the 5,000 poorest individuals? J c Question 1 Consider an economy with 10,000 individuals. Of them, 5,000 each earn $25,000; 3,000 each earn $40,000; and 2,000 each earn $100,000. a. What is the Gini coefficient for this economy? b. What would the Gini coefficient be if the wealthiest 2,000 individuals were taxed 30% of their income, with the proceeds being distributed equally to the 5,000 poorest individuals?
Transcribed Image Text:PLEASE SHOW WORK: Question 1 Consider an economy with 10,000 individuals. Of them, 5,000 each earn $25,000; 3,000 each earn $40,000; and 2,000 each earn $100,000. a. What is the Gini coefficient for this economy? b. What would the Gini coefficient be if the wealthiest 2,000 individuals were taxed 30% of their income, with the proceeds being distributed equally to the 5,000 poorest individuals? J c Question 1 Consider an economy with 10,000 individuals. Of them, 5,000 each earn $25,000; 3,000 each earn $40,000; and 2,000 each earn $100,000. a. What is the Gini coefficient for this economy? b. What would the Gini coefficient be if the wealthiest 2,000 individuals were taxed 30% of their income, with the proceeds being distributed equally to the 5,000 poorest individuals?
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