Suppose the intergenerational curve for the white and black families are as follows, respectively: ...
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Algebra
Suppose the intergenerational curve for the white and black families are as follows, respectively: ?? ??? yw,t = 25 + 0.5 * yw,t-1 ?? ??? yb,t = 21 + 0.3 * yb,t-1Please calculate the steady state income rank for both groups. Please also calculate the racial gap in income rank in the seady state.
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