1. Provide a definition for income per capita in both words and mathematical terms. Describe the...
1. Provide a definition for income per capita in both words and mathematical terms. Describe the effect that an increase in population has on income per capita, if income remains constant. Also, describe the effect that an increase in income has on income per capita, if population remains constant.
Homework Answers
Ans. Income per capita is the average income earned by per person in a given area. Mathematically , income per capita = Total Income of the area ÷ Total Population of the area.
If income remains constant , increase in Population would decrease the Income per capita
If population remains constant , increase in income would increase the Income per capita .
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