Ask Question
28 May, 17:01

20. a. U. S. GDP is approximately $18 trillion and the U. S. population is approximately 320 million. If GDP were divided equally among the US population what would each person get? Even split: $ per person If you and your nine best friends took almost all U. S. GDP for yourself but gave $3,000 per person to everyone else, how much would you get each year, just for yourself? Uneven split: $ for just you. b. More seriously, there are currently about 229,000 U. S. taxpayers who earn more than $1.5 million per year. If you could take their money and divide it up equally among the U. S. population of 320 million other Americans, how much money could you give each person? Note that $1.5 million is the cutoff. On average this group earns about $4.4 million per year, so use that number in your calculations. Redistributed funds: $ per person

+5
Answers (1)
  1. 28 May, 17:20
    0
    a). Amount received by each person=$56,250

    b). I would get $1,704,000,006,000

    c). Redistributed funds per person=$0.01375

    Explanation:

    a) If GDP divided equally among the population

    Amount received by each person=Total GDP/Population

    where;

    Total GDP=$18 trillion

    Population=320 million

    replacing;

    Amount received by each person = (18*10^12) / (320*10^6) = $56,250

    Amount received by each person=$56,250

    b). Total GDP=Amount gotten by me and 9 friends+3, 000 per person for everybody else

    Myself and 9 friends=10

    Total number of everybody else=Total population-10 = (320 million-10) = 319,999,990

    18*10^12 = (10*x) + (319,999,990*3,000)

    10 x = (18*10^12) - (9.5999994*10^11)

    10 x=17.04000006*10^12

    x=17.04000006*10^11

    I would get $1,704,000,006,000

    c). Total amount made by the taxpayers earning over 1.5 million=Amount per person*population

    where;

    Total amount made by taxpayers=$4.4 million

    Population=320 million

    Amount per person=x

    replacing;

    4.4*10^6=x*320*10^6

    x=4.4*10^6/320*10^6

    x=0.01375

    Redistributed funds per person=$0.01375
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “20. a. U. S. GDP is approximately $18 trillion and the U. S. population is approximately 320 million. If GDP were divided equally among the ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers