A family has 15 members and has the following income data. $52,000, $22,000, $92,000, $8,000, $118,000, $62,000, $38,000, $14,000, $132,000, $46,000, $26,000, $96,000, $54,000, $110,000, $80,000 Answer the following questions. Show computations whenever possible. 1.) Calculate the percent share of income for each quintile, from the lowest to the highest quintile. ) Calculate the cumulative share of income of this family group. 2. 3. ( What would you say about the income gap and incomes distribution of the family members? 4., Going back to the real world income distribution, other than the progressive tax system, which one of the income redistribution program do you think is the most effective method in helping the near-poor, and why?
A family has 15 members and has the following income data. $52,000, $22,000, $92,000, $8,000, $118,000, $62,000, $38,000, $14,000, $132,000, $46,000, $26,000, $96,000, $54,000, $110,000, $80,000 Answer the following questions. Show computations whenever possible. 1.) Calculate the percent share of income for each quintile, from the lowest to the highest quintile. ) Calculate the cumulative share of income of this family group. 2. 3. ( What would you say about the income gap and incomes distribution of the family members? 4., Going back to the real world income distribution, other than the progressive tax system, which one of the income redistribution program do you think is the most effective method in helping the near-poor, and why?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:A family has 15 members and has the following income data.
$52,000, $22,000, $92,000, $8,000, $118,000, $62,000, $38,000, $14,000,
$132,000, $46,000, $26,000, $96,000, $54,000, $110,000, $80,000
Answer the following questions. Show computations whenever possible.
1.
Calculate the percent share of income for each quintile, from the
lowest to the highest quintile.
2.
3. (
) Calculate the cumulative share of income of this family group.
What would you say about the income gap and incomes distribution
of the family members?
4.
Going back to the real world income distribution, other than the
progressive tax system, which one of the income redistribution program do
you think is the most effective method in helping the near-poor, and why?
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