A group of eight people have the following annual incomes: $10,000; $9,000: $15,700; $5,000, $6,500; S13,500; $12,000; and $8,300. Calculate the share of total income that people in the fourth quartile receive from this income distribution. Enter your answer in the box below rounding to one decimal place. Answer

A group of eight people have the following annual incomes: $10,000; $9,000: $15,700; $5,000, $6,500; S13,500; $12,000; and $8,300. Calculate the share of total income that people in the fourth quartile receive from this income distribution. Enter your answer in the box below rounding to one decimal place. Answer

Survey of Economics (MindTap Course List)

9th Edition

ISBN:9781305260948

Author:Irvin B. Tucker

Publisher:Irvin B. Tucker

Chapter10: Labor Market And Income Distribution

Section: Chapter Questions

Problem 13SQ

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A group of 10 people have the following annual incomes: $55,000, $30,000, $15,000, $20,000, $35,000, $80,000, $40,000, $45,000, $30,000, $50,000. Complete the table. Income Quintile Share of Income $15,000 Bottom $20,000 $30,000 2nd $30,000 $35,000 3rd $40,000 $45,000 4th $50,000 $55,000 Top $80,000 If $4000 is taxed from the top earner and transferred to the lowest earner, would that increase or decrease the share of income held by the top quintile? Would this transfer increase or decrease the share of income held by the bottom quintile? Would this have any effect on the 2nd quintile? The 3rd? The 4th? Would this transfer increase, decrease, or have no effect on income inequality in this group? Redistributing income from the highest earner to the lowest one would reduce the utility of the top earner and increase the utility of the lowest earner. But what would happen to the overall utility of the…
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