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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

A group 0f 10 people have the following annual incomes: Chapter 15, Problem 6SCQ, A group 0f 10 people have the following annual incomes: Calculate the share of total income that Calculate the share of total income that each quintile receives from this income distribution. Do the top and bottom quintiles in this distribution have a greater or larger share of total income than the top and bottom quintiles of the U.S. income distribution?

To determine

Comparison of larger share of total income between top and bottom quintiles in the annual incomes of 10 people mentioned below and top and bottom quintiles of the U.S. income distribution.

Explanation

The first step is to rank households by their incomes, from lowest to highest.

There are only 10 households:

  1. Bottom quintile will be two bottom most households
  2. Second quintile will be third as well as fourth households, and so on up to the top quintile.
Total 1stquintile income: $22,000.006% Total 2ndquintile income: $34,000.009.2% Total 3rdquintile income: $48,000.0013% Total 4thquintile income: $86,000.0023.2% Total top quintile income: $180,000.0048...

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