Suppose That in a Certain Society $10,000 Is the Official

question 7

Essay

Suppose that in a certain society $10,000 is the official cut-off of income for the poor.This means that any person making less than $10,000 is considered poor.Suppose further that there are three people in this society: Randy,Marlon,and Tito,with incomes of $9,900,$9,900,and $5,000,respectively.
A)How many people are in poverty?
B)How much income would it take,on average,to lift every poor person out of poverty?
C)What if some policy caused $200 to be taken from Tito and given to Randy.How many people are in poverty now? How much income would it take,on average,to lift every poor person out of poverty?

• A)How many people are in poverty?
• B)How much income would it take,on average,to lift every poor person out of poverty?
• C)What if some policy caused $200 to be taken from Tito and given to Randy.How many people are in poverty now? How much income would it take,on average,to lift every poor person out of poverty?

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Definitions:

Idea Generation

The creative process of generating, developing, and communicating new ideas, which can be a product, a solution, or an improvement.

Test Marketing

The process of launching a product in a limited market to evaluate its viability before a broader release.

Concept Testing

The process of evaluating consumer response to an idea or prototype before a product is launched or a significant investment is made.