Why is income data reported using household income

Assignment Help Business Economics

Reference no: EM131238746

Why is income data reported using household income? Wouldn't an accurate way of determining the health of the economy be by using the median income of the every day worker? In a household there may be 2 or 3 working people. So it brings an illusion that households are making a lot of money by adding together multiple income sources from multiple earners in a single household.

Reference no: EM131238746

Questions Cloud

What is the variable cost of manufacturing two lutes : Devi has a shop in Imre where she makes lutes. making one lute costs $200. On the other hand, it costs $500 to make 4 lutes. Devi's discount rate is 20%. What is the variable cost of manufacturing 2 lutes?

Anthony has wagon with worn out axle : Anthony has a wagon with a worn out axle. the axle can be replaced for $500 with a wooden axle that lasts 2 years, or replaced with an iron axle that lasts 3 years and cost $700. Anthony's discount rate is 29%. What should Anthony do?

Draw budget line for the individual : Suppose that an individual has an income of $400 all of which he/she spends on two goods Y and X. If he/she spends all of his/her income on Y, the maximum amount of Y he/she can consume is 100 units. Draw a budget line for the individual and show whe..

Cost useful for estimating costs in factory production line : Why are fixed and variable cost useful for estimating costs in a factory production line? How do u find fixed and variable cost? (the difference between the two)

Why is income data reported using household income : Why is income data reported using household income? Wouldn't an accurate way of determining the health of the economy be by using the median income of the every day worker? In a household there may be 2 or 3 working people. So it brings an illusion t..

How does price issues effect minimum wages-unemployment : How does price issues effect minimum wages/ unemployment? The pros and cons. How does supply and demand affect minimum wages/ unemployment? The pros and cons. How does antitrust isses play a role in minimum wage/ unemployment?

Write a thorough analysis of unemployment : Write a thorough analysis of unemployment, defining the various types of unemployment, full employment, and the natural rate of unemployment. Describe the impact of unemployment on the economy and your solutions to lower unemployment. Remember to cit..

The labor demand and supply curves are respectively : The labor demand and supply curves are respectively: Ld = a+b?w and Ls = c+d?w, where a, b, c, and d are parameters of the model, w is the wage, Ld and Ls denote labor demand and supply, respectively. What are the values of the parameters c and d tha..

The main economic rationale for a patent system : The main economic rationale for a patent system is that quick imitation and commercialization reduces the expected profits of drug companies which thereby diminishes innovative activities. Given market realities, do you think a patent system is truly..

User Account

All Pages