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What is the total income received by the top quintile of this income distribution?

What is the total income received by the top quintile of this income distribution?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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A group of 10 old college friends 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 income received by the top quintile of this income distribution? Provide your answer below:
Transcribed Image Text:A group of 10 old college friends 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 income received by the top quintile of this income distribution? Provide your answer below:
Expert Solution
Step 1

The top quintiles of the income distribution can be calculated by following these steps

The first step is to arrange the data in ascending order.

The second step is to divide the newly arranged data into five quintiles. Since there are 10 observations, each quintile will consist of two values.

The third is, to sum up, each quintile.

And the value of the top quintile will be the income received by the top quintile of this income distribution.

 

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