Table 20-7
Distribution of Income in Imagination -Refer to Table 20-7

question 41

Short Answer

Table 20-7
Distribution of Income in Imagination
$$\begin{array} { | l | l | l | } \hline \text { Number of Families } & \text { Income Range } & \text { Average Income } \\\hline 23,500 & \text { less than } \$ 18,000 & \$ 15,890 \\\hline 42,410 & \text { between } \$ 18,000 \text { and } \$ 36,000 & \$ 27,450 \\\hline 57,330 & \text { between } \$ 36,000 \text { and } \$ 54,000 & \$ 46,220 \\\hline 63,490 & \text { between } \$ 54,000 \text { and } \$ 72,000 & \$ 65,000 \\\hline 24,770 & \text { between } \$ 72,000 \text { and } \$ 90,000 & \$ 80,790 \\\hline 23,500 & \text { more than } \$ 90,000 & \$ 118,750 \\\hline\end{array}$$
-Refer to Table 20-7. If the poverty line in Imagination is $18,000, what is the poverty rate?

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Definitions:

Units of Output

The quantity of goods or services produced by a business, factory, or individual within a certain timeframe.

Value

Value refers to the importance, worth, or usefulness of something, often determined by its desirability, utility, or monetary worth.

Marginal Product of Labor

The additional output a firm produces as a result of hiring one more worker.

Profit-Maximizing

Profit-maximizing refers to strategies or actions taken by businesses to increase their profits to the highest possible level given their resources and market conditions.