A group of 10 golfing buddies have the following annual incomes: Income $32, 000 $12, 000 $56, 000 $120, 000 $10, 000 $38, 000 $70, 000 $16, 000 $20, 000 $24, 000 What is the total amount of income comprising the lowest quintile of this income distribution?
A group of 10 golfing buddies have the following annual incomes: Income $32, 000 $12, 000 $56, 000 $120, 000 $10, 000 $38, 000 $70, 000 $16, 000 $20, 000 $24, 000 What is the total amount of income comprising the lowest quintile of this income distribution?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![A group of 10 golfing buddies have the following annual incomes:
Income
$32, 000
$12, 000
$56, 000
$120, 000
$10, 000
$38, 000
$70, 000
$16, 000
$20, 000
$24, 000
What is the total amount of income comprising the lowest quintile of this income
distribution?
Provide your answer below:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe68b87b7-b038-4fc7-ba71-e069bc3c1a3c%2Ff7d3aa8b-57a0-4e88-818d-3eb37c24b2a5%2Fktstio8_processed.png&w=3840&q=75)
Transcribed Image Text:A group of 10 golfing buddies have the following annual incomes:
Income
$32, 000
$12, 000
$56, 000
$120, 000
$10, 000
$38, 000
$70, 000
$16, 000
$20, 000
$24, 000
What is the total amount of income comprising the lowest quintile of this income
distribution?
Provide your answer below:
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