EBK PRINCIPLES OF ECONOMICS
8th Edition
ISBN: 8220103600453
Author: Mankiw
Publisher: CENGAGE L
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Question
Chapter 20, Problem 2QR
To determine
The change in income earned by the richest fifth of the US economy.
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- A group of 10 people have the following annual incomes: $24, 000, $18, 000, $50, 000, $100, 000, $12, 000, $36, 000, $80, 000, $10, 000, $24, 000, $16, 000. Calculate the share of total income that each quintile receives from this income distribution. What percent of the total income is represented by the highest quintile? Round your answer to the nearest tenth. Provide your answer below:arrow_forwardAre poverty rates rising or decreasing in the US? How has the gap between the rich and poor increased? references?arrow_forwardIf a country had perfect income equality what would the Lorenz curve look like?arrow_forward
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