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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 rental income value.

Explanation

If the value of national income is $5,000, compensation of employees is $2,105 billion, proprietor’s income is $1,520 billion, corporate profit is $490 billion, and the net interest is $128 billion,the rental income can be calculated using the national income formula as follows:

National income=(Compensation of employees+Proprietor's income+Corporate profit+Net interest+Rental income)        (1)

From the national income formula, the rental income formula can be written as follows:

Rental income=(

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