Solved: Assuming that all 100 individuals have an income of at, Basic Statistics

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Assuming that all 100 individuals have an income of at

Suppose that the tax (Ti) paid by individual i is the following function of his or her income(Xi):

Ti= 0.1(Xi-2000) = 0.1Xi-200

(i.e. there is a flat tax of 10% on all income over 2000). You know that total income in a geographical area containing 100 individuals is $5,000,000. Assuming that all 100 individuals have an income of at least $2,000, what is the total tax revenue?

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Basic Statistics: Assuming that all 100 individuals have an income of at

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