04 Jun 2) On Angel, there is an Excel file containing th
Question
Econ 106
Problem Set 5
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1) Text 4.33, 4.38, 4.46, 4.65
2) On Angel, there is an Excel file containing the after-tax income information about the American population. There are two columns. The first is the income level. The second column is the probability that a randomly selected person is at the stated income level. (That is, it is the PDF.) Using Excel to actually calculate the following values is optional, but recommended.
Use this data to answer the following questions.
A) What is the average income?
B) What is the variance and standard deviation?
C) The President is considering two types of tax cuts.
a. A $10,000 refund to all individuals, increasing all incomes by $10,000.
b. A refund equal to 10% of income to all individuals, increasing all incomes by 10%.
Without using Excel, calculate the mean, variance, and standard deviation of after tax-income that results from each type of tax cut. There is a shortcut that we have covered in the notes that should allow you to do this easily. Think about how to interpret the two different tax cut plans in terms of linear transformations. Then, you may use Excel to confirm your calculations.
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