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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

If personal taxes are $400 billion and disposable income is $4,000 billion, then what does personal income equal?

To determine

Estimate the personal income value.

Explanation

If the personal tax is $400 and the disposable income is $4,000, the personal income can be calculated using the following formula as follows:

Personal income=Disposable income+Personal tax        (1)

Substitute the respective value in Equation (1) to g

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