Question

how can you calculate the?"per capita income ​

Answer 1

AnswEr:-

Percapita -income: Per-capita income is a measurement of mean income of a person in a nation .

How to calculate per-capita income?

For a nation,the per-capita income is calculated by dividing the country's national income by its population.

➲ Per capita=National income/Total population

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Know More:-

✦ Per capita means 'per-person'.

✦ Per capita income is used to evaluate the standard of living  of a population.

✦ It is one of the three measures for computing Human development index of a nation.

✦GDP per capita = Gross domestic product / population

✦GDP (Gross domestic product):The final value of all goods & services produced during a specific period of time.

✦As per 2020,Luxembourg has highest GDP per capita.

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Answer 2

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The per capita income for a nation is calculated by dividing the total income of the nation by the total population of the nation.

➣ The formula for calculating per capita income is :

$\large{\sf{ Per \: \: Capita \: \: Income = \frac{ \: Total \: \: Income \: \: of \: \: the \: \: nation \: }{ \: Total \: \: population \: \: of \: \: the \: \: nation \: }}}$

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➣ WHAT IS PER CAPITA INCOME ?

↬: The term "per capita" means the average per person. So, the Per Capita Income of a country can be defined as the average income earned by per person of the country in a specified year.

• The measurement/calculation of per capita income helps to determine the average income of per person of the geographical region for which it has been calculated.

• With the help of per capita income of a country, the standard of living of the population of that country can be evaluated.

• Per capita income is most commonly used to ascertain the wealth and lack of wealth of the country for which it has been calculated. It is also useful to assessing the affordability of that country.

• Though, the standard of living of the population can be evaluated with the help of per capita income of a country; it doesn't always show an accurate data. Because, per capita income is an average income of the population of the country.

• Per capita income doesn't show the rate of inflation of the country. Hence, it can overstate income for a population as Inflation erodes the purchasing power of the consumer and also limits any increases in income.