1. If 80% of households earn 55% of the income, what percent of income does the richest quintile earn? 2. What percent of income does the second richest quintile earn? 3. If the middle quintile earns 15% of the income, what percent of income does the second poorest quintile earn?
1. If 80% of households earn 55% of the income, what percent of income does the richest quintile earn? 2. What percent of income does the second richest quintile earn? 3. If the middle quintile earns 15% of the income, what percent of income does the second poorest quintile earn?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
100%
GRAPH USED FOR PROBLEMS ATTACHED
1. If 80% of households earn 55% of the income, what percent of income does the richest quintile earn?
2. What percent of income does the second richest quintile earn?
3. If the middle quintile earns 15% of the income, what percent of income does the second poorest quintile earn?
![100%
80%
60%
Curve 1
40%
30%
-
20%
Curve 2
5%-
20%
40%
Percent of Households
60%
80%
100%
Percent of Income](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7db40ce8-dd2d-4dc9-b049-38913854ced1%2F4d42a252-9c6a-421d-a8af-1b9d23af2b61%2F9xuog3l_processed.png&w=3840&q=75)
Transcribed Image Text:100%
80%
60%
Curve 1
40%
30%
-
20%
Curve 2
5%-
20%
40%
Percent of Households
60%
80%
100%
Percent of Income
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