In a society with 240,000 households, 10,000 households earn $4 each, 4,000 households earn $2 each, 10,000 households earn $10 each, and the rest earn $1 each. What is the income share of the third quintile? (Not the cumulative income share, just the share of that quintile.) Please write down the answer with two decimal points in percentage form without the % sign. XX.xx, NOT XX.xx%

In a society with 240,000 households, 10,000 households earn $4 each, 4,000 households earn $2 each, 10,000 households earn $10 each, and the rest earn $1 each. What is the income share of the third quintile? (Not the cumulative income share, just the share of that quintile.) Please write down the answer with two decimal points in percentage form without the % sign. XX.xx, NOT XX.xx%

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter28: The Distribution Of Income And Poverty

Section28.2: Measuring Income Equality

Problem 1ST

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An economy has 5 households with annual income (alphabetical order): A - $40,000, B - 30,000, C - 60,000, D - 70,000, E - $50,000. 1. Fill in the following table by ranking households income from low to high. 1st 20% being lowest and 5th 20% the highest. 2. Complete the calculation of cumulative income. 3. To complete the Lorenz curve, we need the share of cumulative income in total income. The cumulative income of low 60% of households has how much share (percentage) in total income? 4. The top 20% household in this economy enjoys how much percentage of total income? Houscholds Income Cumulative Rank Income 1st 20% 2nd 20% 3nd 20% 4th 20% sth 20%
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