How to Calculate the Increase in Output Needed to Provide Income for the Poor
What is the output increase needed to provide income for the 3 billion "severely" poor population?
How much more output per year will have to be produced in the world just to provide the 3 billion "severely" poor population with $1.25 more income per day?
Answer
$1395.75 billion/year more income per year will have to be produced in the world.
To calculate the increase in output needed to provide income for the 3 billion "severely" poor population with $1.25 more income per day, we can use the following formula:
output = 3 billion * $1.25 (per day) * 365 days (per year)
By substituting the values into the formula, we get:
output = 3 * 1.25 * 365 = $1395.75 billion/year
Therefore, an additional $1395.75 billion/year in income will have to be produced in the world to provide the 3 billion "severely" poor population with $1.25 more income per day.