Chapter 15, Problem 47P

A group of 10 people have the following annual incomes: $\$\text{55},000,\$\text{3}0,000,\$\text{15},000,\$\text{2}0,000,\$\text{35},000,\$\text{8}0,000,\$\text{4}0,000,\$\text{45},000,\$\text{3}0,000,\$\text{5}0,000$.

Calculate the share of total income each quintile of this income distribution received. Do the top and bottom quintile s in this distribution have a greater or larger share of total income than the top and bottom quintiles of the U.S. income distribution for 2005?