BuyFind

Microeconomics

13th Edition
Roger A. Arnold
Publisher: Cengage Learning
ISBN: 9781337617406
BuyFind

Microeconomics

13th Edition
Roger A. Arnold
Publisher: Cengage Learning
ISBN: 9781337617406

Solutions

Chapter
Section
Chapter 15, Problem 1QP
Textbook Problem

What percentage of total money income did the lowest fifth of households receive in 2015? The fourth fifth?

Expert Solution
To determine

Percentage of total money income in different quintiles.

Explanation of Solution

According to the U.S. Bureau of Census, the income distribution of the U.S. household during 2015 is represented by categorizing as different quintiles. The lowest fifth of the household receives 3.1 per cent and the fourth fifth of the household receives 23.2 per cent.

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