Below is a table on Household Income at Selected Percentiles in 2014 Dollars Adjusted for Inflation...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Below is a table on "Household Income at Selected Percentiles in 2014 Dollars Adjusted for Inflation for All Races/Ethnicities" obtained from the U.S. Census Bureau. 50th Percentil a. b. C. e The data in excel format is attached as an excel document. d. C. f. 8. 1969 47,896 h. 1974 1984 1989 1994 1999 1979 48,483 50,030 48,650 53,290 50,968 57,826 What is the definition of household income as defined by the U.S. Census Bureau? What does it mean by "2014 Dollars Adjusted for Inflation?" What is the U.S. Census Bureau and is this a reliable source of data? Why would we use data from the U.S. Census Bureau and not the Internal Revenue Service? What is a percentile? Describe using the mathematical definition of percentile what it means to be in the 10th, 50th or 95th percentiles for Household Income. Construct a scatterplot of t-time (year) versus h Household Income (dollars) since 1969. Therefore, 1969 will be represented by t-0, 1974 will be represented by t-5, etc. Clearly label the graph and the x and the y axes. 2004 2014 2009 55,569 54,944 53,657 1. Write a paragraph describing the relationship you observe between year and 50th percentile income. 2. Describe the scatterplot in terms of pattern, direction and strength of association between t and h. Using R software, find the equation of the best fit line using a least squares linear regression model for the data with h representing the Household Income and t representing the year since 1969. 1. For the equation, write interpretation of the slope of the line and the y-intercept of the line. Make sure to describe the slope and the y-intercept within the context of this problem and to include units. Also describe why these numbers make sense or do not make sense in the context of this problem. Use the equations found in part (f), to predict the 50th percentile Household Income in 2017. Explain why the model may or may not be accurate predictor for Household Income in the year 2017. Use the equations found in part (f), to predict the 50th percentile Household Income in 2025. Explain why the model may or may not be accurate predictor for Household Income in the year 2025. Calculate the percent change in 50th percentile Household Income between 1969 and 2014. % change = final value beginning value beginning value x 100 Describe the percent change in household income. j. What can you conclude from the analysis you performed in this project on income distribution in the United States? Write a paragraph summarizing your findings. Remember this is a mathematical analysis and not an opinion piece but you can use terms that are regularly found in newspaper articles about "Middle Class", "Income Inequality", etc. Below is a table on "Household Income at Selected Percentiles in 2014 Dollars Adjusted for Inflation for All Races/Ethnicities" obtained from the U.S. Census Bureau. 50th Percentil a. b. C. e The data in excel format is attached as an excel document. d. C. f. 8. 1969 47,896 h. 1974 1984 1989 1994 1999 1979 48,483 50,030 48,650 53,290 50,968 57,826 What is the definition of household income as defined by the U.S. Census Bureau? What does it mean by "2014 Dollars Adjusted for Inflation?" What is the U.S. Census Bureau and is this a reliable source of data? Why would we use data from the U.S. Census Bureau and not the Internal Revenue Service? What is a percentile? Describe using the mathematical definition of percentile what it means to be in the 10th, 50th or 95th percentiles for Household Income. Construct a scatterplot of t-time (year) versus h Household Income (dollars) since 1969. Therefore, 1969 will be represented by t-0, 1974 will be represented by t-5, etc. Clearly label the graph and the x and the y axes. 2004 2014 2009 55,569 54,944 53,657 1. Write a paragraph describing the relationship you observe between year and 50th percentile income. 2. Describe the scatterplot in terms of pattern, direction and strength of association between t and h. Using R software, find the equation of the best fit line using a least squares linear regression model for the data with h representing the Household Income and t representing the year since 1969. 1. For the equation, write interpretation of the slope of the line and the y-intercept of the line. Make sure to describe the slope and the y-intercept within the context of this problem and to include units. Also describe why these numbers make sense or do not make sense in the context of this problem. Use the equations found in part (f), to predict the 50th percentile Household Income in 2017. Explain why the model may or may not be accurate predictor for Household Income in the year 2017. Use the equations found in part (f), to predict the 50th percentile Household Income in 2025. Explain why the model may or may not be accurate predictor for Household Income in the year 2025. Calculate the percent change in 50th percentile Household Income between 1969 and 2014. % change = final value beginning value beginning value x 100 Describe the percent change in household income. j. What can you conclude from the analysis you performed in this project on income distribution in the United States? Write a paragraph summarizing your findings. Remember this is a mathematical analysis and not an opinion piece but you can use terms that are regularly found in newspaper articles about "Middle Class", "Income Inequality", etc.
Expert Answer:
Answer rating: 100% (QA)
1 Household income as defined by US Census is the aggregate gross income of all the members of the f... View the full answer
Related Book For
International Finance Theory and Policy
ISBN: 978-0133423648
10th edition
Authors: Paul R. Krugman, Maurice Obstfeld, Marc J. Melitz
Posted Date:
Students also viewed these economics questions
-
Below is a table showing population age group projections made by the US Census Bureau for the year 2025 Age Group Number of People (millions) 0 to under 20.... 94.3 20 to under 40.. 92.9 40 to under...
-
Below is a table showing 100-meter finish times (in seconds) for 35 competitors at the NCAA Division III Track and Field Championships recently held in Muncie, Indiana. a. Create a stem-and-leaf...
-
Below is a table of some inflation targeting countries and the years in which they adopted the practice: Country Year of adoption New Zealand................................1990...
-
Explain why the economic order quantity is the intersection of the ordering-cost curve and the carrying-cost curve.
-
Talk to the owner of a small business. Did he or she write a business plan? A strategic plan? If he or she received any assistance, where did it come from?
-
What nuanced methodologies exist for evaluating and selecting high-performing mutual funds or exchange-traded funds (ETFs) that align with an investor's specific investment goals and risk tolerance...
-
What is the purpose of an insurance policy?
-
Gasoline is typically less expensive in the United States than across the border in Canada but now suppose that U. S. gasoline price rises above that in Canada due to a change in taxes. How would the...
-
Given the information below. Account Names Debit Cash $ 31,700 Supplies 560 Deferred Revenue Salaries and Wages Payable Income Tax Payable Interest Payable Notes Payable (long-term) Common Stock...
-
1. Who are the followers at Bluebird Care? 2. In what way is followership related to the mission of the agency? Do Robin and her managers recognize the importance of followership? Explain. 3. Using...
-
It all begins with a phone call from your mother. She tells you, "You uncle Murray needs your help." You reply, "Of course he does mom, your brother isn't the freshest egg in the 'fridge." "Don't say...
-
Pablo S.A is a manufacturer of children's shoes, located in Spain. It owns 51% of the voting stock of Stabfoot. A specialty shoe manufacturer located in Belgium Pablo acquired its interest in...
-
Evaluate the company's performance against industry average ratios and against last years results. Show all computations? B Ratio (% of Sales) Cost of goods sold Gross profits Selling expense Gen. &...
-
Use the data and solve the given questions. Wedgewood Candle Co. Soy Candle Division Operating Results for Quarter 1, 2022 Revenues Cost of Goods Sold: DM DL MOH Gross Margin Selling and...
-
Write an m-script file and plot, for 10 seconds with a sampling www rate of 100 Hz (i.e., time increment of 0.01 second), the resulting time variation of the - Steering input in [o /s] of the tractor...
-
(Based on 2.1 Problem (6) Vector addition and scalar multiplication are required to satisfy these eight rules: Rule 1: x+y=y+x (commutative property) Rule 2: x+(y+z)=(x+y)+z (associative property)...
-
Use two formulas for volume to find the volume of the figure. Express the volume in terms of and then round to the nearest whole number. Note that the figure may not be drawn to scale. The exact...
-
Refer to the data for problem 13-36 regarding Long Beach Pharmaceutical Company. Required: Compute each division's residual income for the year under each of the following assumptions about the...
-
The interest rate on U.S. three-month Treasury bills dropped to very low levels at the end of 2008 and remained there for several years. Starting in January 2009 and ending in December 2013, find...
-
Suppose it is possible for a country to leave the euro zone and begin printing its own currency. Suppose also that there is some point at which the ECB (perhaps it is worried about financial losses)...
-
Suppose residents of the U.S. consume relatively more of U.S. export goods than residents of foreign countries. In other words, U.S. export goods have a higher weight in the U.S. CPI than they do in...
-
For the heritage center described in Problem 32, note that a survey that has determined that annual benefits of \(\$ 3\) each are now received by 12,000 visitors, \(\$ 5\) each by 14,000 visitors,...
-
Consider 1 year of a utility company's financial results. The company pays income tax of \(\$ 9,000,000\), where the tax rate is 40 percent. Debt is \(\$ 80,000,000\) and the interest rate on debt is...
-
A new public school in Knoxville is proposed and will replace one older facility and affect school changes for several middle school students. The following estimates apply: a. Calculate the \(B /...
Study smarter with the SolutionInn App