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Use the table related to the size distribution of household income to answer the following questions. Share of Total Income Income Group Highest fifth Second fifth Third fifth 2019 Income Above $142,000 $86,001-$142,000 $54,001-$86,000 Average Income $ 254,400 51.9% 111,100 22.7 68,900 14.1 Fourth fifth Lowest fifth $28,001-$54,000 0-$28,000 40,700 8.3 15,300 3.1 ok According to the table: ences Instructions: In part a, enter your response as a whole number. In part b, round your response to one decimal place. a. What is the average household income in the United States? 98080 b. What percentage of the average household income of people in the highest fifth would have to be taxed away to bring them down to that average? %

Use the table related to the size distribution of household income to answer the following questions. Share of Total Income Income Group Highest fifth Second fifth Third fifth 2019 Income Above $142,000 $86,001-$142,000 $54,001-$86,000 Average Income $ 254,400 51.9% 111,100 22.7 68,900 14.1 Fourth fifth Lowest fifth $28,001-$54,000 0-$28,000 40,700 8.3 15,300 3.1 ok According to the table: ences Instructions: In part a, enter your response as a whole number. In part b, round your response to one decimal place. a. What is the average household income in the United States? 98080 b. What percentage of the average household income of people in the highest fifth would have to be taxed away to bring them down to that average? %

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter15: Poverty And Economic Inequality
Section: Chapter Questions
Problem 6SCQ: A group 0f 10 people have the following annual incomes:...
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Use the table related to the size distribution of household income to answer the following questions. Share of Total Income Income Group Highest fifth Second fifth Third fifth 2019 Income Above $142,000 $86,001-$142,000 $54,001-$86,000 Average Income $ 254,400 51.9% 111,100 22.7 68,900 14.1 Fourth fifth Lowest fifth $28,001-$54,000 0-$28,000 40,700 8.3 15,300 3.1 ok According to the table: ences Instructions: In part a, enter your response as a whole number. In part b, round your response to one decimal place. a. What is the average household income in the United States? 98080 b. What percentage of the average household income of people in the highest fifth would have to be taxed away to bring them down to that average? %
Transcribed Image Text:Use the table related to the size distribution of household income to answer the following questions. Share of Total Income Income Group Highest fifth Second fifth Third fifth 2019 Income Above $142,000 $86,001-$142,000 $54,001-$86,000 Average Income $ 254,400 51.9% 111,100 22.7 68,900 14.1 Fourth fifth Lowest fifth $28,001-$54,000 0-$28,000 40,700 8.3 15,300 3.1 ok According to the table: ences Instructions: In part a, enter your response as a whole number. In part b, round your response to one decimal place. a. What is the average household income in the United States? 98080 b. What percentage of the average household income of people in the highest fifth would have to be taxed away to bring them down to that average? %
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