Question: Using the data in Figure 2.3, (a) Compute the average income of U.S. households. $ (b) If all incomes were equalized by government taxes and

Using the data in Figure 2.3,

(a) Compute the average income of U.S. households. $

(b) If all incomes were equalized by government taxes and transfer payments, how much would the average household in each income quintile gain (via transfers) or lose (via taxes)?

(i) Highest fifth $

(ii) Second fifth $

(iii) Third fifth $

(iv) Fourth fifth $

(v) Lowest fifth $

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