Table: Distribution of Income Refer to the Table

question 175

Essay

Table: Distribution of Income $$\begin{array} { c c c c c } \hline \text { Society } & \text { Person X } & \text { Person Y } & \text { Person Z } & \text { Average Income } \\\hline \mathbf { A } & 50 & 40 & 45 & 45 \\\text { B } & 24 & 26 & 22 & 24 \\\text { C } & 70 & 5 & 75 & 50 \\\text { D } & 40 & 30 & 35 & 35 \\\hline\end{array}$$
Refer to the table. Using the maximin principle, identify the societies that rank the highest and the lowest.

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Definitions:

Forecasting

the process of making predictions about future events based on historical and current data.

Retirement Account

A financial arrangement designed to replace employment income upon retirement, often offering tax benefits.

Trend Analysis

The practice of collecting information and attempting to spot a pattern, often used in financial markets, research, and responsive business strategy planning.

Forecasting Technique

Methods used to predict future events or trends based on historical data analysis.