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A city has only 10 households, and they have the following annual incomes: $32,000, $12,00O, $56,000, $120,000, $10,000, $38,000, $70,000, $16,000, $20,000, $24,000. Based on this information, answer the following: a. Calculate the share of total income received by each quintile of this income distribution. Show your work! b. 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 for 2011? Compared to the U.S. does this city have higher or lower income inequality? (In 2011, the bottom quintile of the income distribution received 3.2% of income and the top quintile, 51.14%)

A city has only 10 households, and they have the following annual incomes: $32,000, $12,00O, $56,000, $120,000, $10,000, $38,000, $70,000, $16,000, $20,000, $24,000. Based on this information, answer the following: a. Calculate the share of total income received by each quintile of this income distribution. Show your work! b. 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 for 2011? Compared to the U.S. does this city have higher or lower income inequality? (In 2011, the bottom quintile of the income distribution received 3.2% of income and the top quintile, 51.14%)

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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A city has only 10 households, and they have the following annual incomes: $32,000, $12,000, $56,000, $120,000, $10,000, $38,000, $70,000, $16,000, $20,000, $24,000. Based on this information, answer the following: a. Calculate the share of total income received by each quintile of this income distribution. Show your work! b. 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 for 2011? Compared to the U.S. does this city have higher or lower income inequality? (In 2011, the bottom quintile of the income distribution received 3.2% of income and the top quintile, 51.14%)
Transcribed Image Text:A city has only 10 households, and they have the following annual incomes: $32,000, $12,000, $56,000, $120,000, $10,000, $38,000, $70,000, $16,000, $20,000, $24,000. Based on this information, answer the following: a. Calculate the share of total income received by each quintile of this income distribution. Show your work! b. 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 for 2011? Compared to the U.S. does this city have higher or lower income inequality? (In 2011, the bottom quintile of the income distribution received 3.2% of income and the top quintile, 51.14%)
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