Suppose there are five families in a country and their income is 15 lakhs, 20 lakhs, 12 lakhs, 8 lakhs and 25 lakhs respectively. The per capita income of the country

Question

Kadence Johns

Social Studies

27 May, 02:59

Suppose there are five families in a country and their income is 15 lakhs, 20 lakhs, 12 lakhs, 8 lakhs and 25 lakhs respectively. The per capita income of the country

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Answers (1)

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Darrell Hatfield · Answer 1

16 lakhs per family

Explanation:

Per capita income is the mean income of the people in an economic unit. An economic unit may be a city or country. It is calculated by taking the sum of all sources of income and dividing it by the total population.

There are five families in a country and their income is 15 lakhs, 20 lakhs, 12 lakhs, 8 lakhs and 25 lakhs.

First, let's take the sum of the income.

Sum=15+20+12+8+25=80

Average=80:5=16

The per capita income of the country is 16 lakhs per family.

Note that:

1 lakh=100,000