What percentage of the total population is categorized asbelonging to the second quintile? Give your responses aswhole numbers.The data in the table characterizes the income distribution fora country.Incomecategoryfirst quintileShare of incomeCumulative share of(%)income (%)7.0second quintile15.022.0third quintile45.0fourth quintile29.0fifth quintile26.0percentage of population in second quintile:%What percentage of the total income for the country is earnedby the third quintile?percentage earned by the third quintile:%What is the cumulative share of income earned by the poorest80% of the population?percentage earned by the poorest 80%:୪୧

To answer the problem, we will base this on the given table. A. To determine the percentage of the…

Answered: What percentage of the total population…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter15: Poverty And Economic Inequality

Section: Chapter Questions

Problem 6SCQ: A group 0f 10 people have the following annual incomes:...

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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…
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 $4000 is taxed from the top earner and transferred to the lowest earner 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 overall utility in the economy? Would it increase, decrease, or remain the same? Explain your answer. (Hint: does the marginal utility of income diminish as one earns more?)
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The data in the table characterizes the income distribution for a country. What percentage of the total population is categorized as belonging to the second quintile? Give your responses as whole numbers. Income category Share of income (%) Cumulative share of income (%) first quintile 7.0 --- second quintile 9.0 16.0 third quintile --- 35.0 fourth quintile 25.0 --- fifth quintile 40.0 --- percentage of population in second quintile: % What percentage of the total income for the country is earned by the third quintile? percentage earned by the third quintile: % What is the cumulative share of income earned by the poorest 80% of the population? percentage earned by the poorest 80%: %

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