Distinguish the income inequality between two persons.

Question

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Answer 1

Question

Chapter 15, Problem 1VQP

To determine

Distinguish the income inequality between two persons.

Expert Solution & Answer

Explanation of Solution

It cannot be agreed that the total income earned by different income groups must be always earned unequal. It can be equal to as shown in the below table:

Table 1

Year	Income($) of individual A	Income($) of individual B
2010	10000	15000
2011	15000	20000
2012	20000	25000
2013	25000	30000
2014	35000	15000
Total	105,000	105,000

The above table shows that both the individuals earn unequal in each of five years. However, the total income earned by them over five year is equal. Therefore, it cannot be always agreed that different income groups always earn differently.

Economics Concept Introduction

Income inequality: Income inequality refers to the income that is distributed among individuals unequally.

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Students have asked these similar questions

Answer in step by step with explanation. Don't use Ai.

Use the figure below to answer the following question. Let I represent Income when healthy, let I represent income when ill. Let E [I] represent expected income for a given probability (p) of falling ill. Utility у в ULI income Is есте IM The actuarially fair & partial contract is represented by Point X × OB A Y

Suppose that there is a 25% chance Riju is injured and earns $180,000, and a 75% chance she stays healthy and will earn $900,000. Suppose further that her utility function is the following: U = (Income) ³. Riju's utility if she earns $180,000 is _ and her utility if she earns $900,000 is. X 56.46; 169.38 56.46; 96.55 96.55; 56.46 40.00; 200.00 169.38; 56.46

Answer 2

Question

Chapter 15, Problem 1VQP

To determine

Distinguish the income inequality between two persons.

Expert Solution & Answer

Explanation of Solution

It cannot be agreed that the total income earned by different income groups must be always earned unequal. It can be equal to as shown in the below table:

Table 1

Year	Income($) of individual A	Income($) of individual B
2010	10000	15000
2011	15000	20000
2012	20000	25000
2013	25000	30000
2014	35000	15000
Total	105,000	105,000

The above table shows that both the individuals earn unequal in each of five years. However, the total income earned by them over five year is equal. Therefore, it cannot be always agreed that different income groups always earn differently.

Economics Concept Introduction

Income inequality: Income inequality refers to the income that is distributed among individuals unequally.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 15, Problem 1VQP

To determine

Distinguish the income inequality between two persons.

Expert Solution & Answer

Explanation of Solution

It cannot be agreed that the total income earned by different income groups must be always earned unequal. It can be equal to as shown in the below table:

Table 1

Year	Income($) of individual A	Income($) of individual B
2010	10000	15000
2011	15000	20000
2012	20000	25000
2013	25000	30000
2014	35000	15000
Total	105,000	105,000

The above table shows that both the individuals earn unequal in each of five years. However, the total income earned by them over five year is equal. Therefore, it cannot be always agreed that different income groups always earn differently.

Economics Concept Introduction

Income inequality: Income inequality refers to the income that is distributed among individuals unequally.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 15, Problem 1VQP

To determine

Distinguish the income inequality between two persons.

Expert Solution & Answer

Explanation of Solution

It cannot be agreed that the total income earned by different income groups must be always earned unequal. It can be equal to as shown in the below table:

Table 1

Year	Income($) of individual A	Income($) of individual B
2010	10000	15000
2011	15000	20000
2012	20000	25000
2013	25000	30000
2014	35000	15000
Total	105,000	105,000

The above table shows that both the individuals earn unequal in each of five years. However, the total income earned by them over five year is equal. Therefore, it cannot be always agreed that different income groups always earn differently.

Economics Concept Introduction

Income inequality: Income inequality refers to the income that is distributed among individuals unequally.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 15, Problem 1VQP

To determine

Distinguish the income inequality between two persons.

Expert Solution & Answer

Explanation of Solution

It cannot be agreed that the total income earned by different income groups must be always earned unequal. It can be equal to as shown in the below table:

Table 1

Year	Income($) of individual A	Income($) of individual B
2010	10000	15000
2011	15000	20000
2012	20000	25000
2013	25000	30000
2014	35000	15000
Total	105,000	105,000

The above table shows that both the individuals earn unequal in each of five years. However, the total income earned by them over five year is equal. Therefore, it cannot be always agreed that different income groups always earn differently.

Economics Concept Introduction

Income inequality: Income inequality refers to the income that is distributed among individuals unequally.

Answer 6

Chapter 15, Problem 1VQP

To determine

Distinguish the income inequality between two persons.

Expert Solution & Answer

Explanation of Solution

It cannot be agreed that the total income earned by different income groups must be always earned unequal. It can be equal to as shown in the below table:

Table 1

Year	Income($) of individual A	Income($) of individual B
2010	10000	15000
2011	15000	20000
2012	20000	25000
2013	25000	30000
2014	35000	15000
Total	105,000	105,000

The above table shows that both the individuals earn unequal in each of five years. However, the total income earned by them over five year is equal. Therefore, it cannot be always agreed that different income groups always earn differently.

Economics Concept Introduction

Income inequality: Income inequality refers to the income that is distributed among individuals unequally.

Answer 7

Chapter 15, Problem 1VQP

To determine

Distinguish the income inequality between two persons.

Answer 8

Expert Solution & Answer

Explanation of Solution

It cannot be agreed that the total income earned by different income groups must be always earned unequal. It can be equal to as shown in the below table:

Table 1

Year	Income($) of individual A	Income($) of individual B
2010	10000	15000
2011	15000	20000
2012	20000	25000
2013	25000	30000
2014	35000	15000
Total	105,000	105,000

The above table shows that both the individuals earn unequal in each of five years. However, the total income earned by them over five year is equal. Therefore, it cannot be always agreed that different income groups always earn differently.