Suppose we know that average annual income for the population is u = $45,700 with a standard deviation of o = $5,000. The government wishes to create an assistance program where individuals falling below an income level qualify for housing aid. The government only wishes that 12.3% (or 0.1230) of individuals fall below that income cutoff. What should that income cutoff be? %3!

Suppose we know that average annual income for the population is u = $45,700 with a standard deviation of o = $5,000. The government wishes to create an assistance program where individuals falling below an income level qualify for housing aid. The government only wishes that 12.3% (or 0.1230) of individuals fall below that income cutoff. What should that income cutoff be? %3!

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter12: Income Distribution, Poverty, And Discrimination

Section: Chapter Questions

Problem 2SQ

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