Paddy has lots of cousins. With a family reunion in the near future, Paddy decid

Question

Paddy has lots of cousins. With a family reunion in the near future, Paddy decides to collect income information for himself and all his cousins. He obtains the following data points: $52.000, $22,000, $92,000, $8.000, $118,000, $62,000, $38,000, $14,000, $132,000, $46,000, $26,000, $96,000, $54,000, $110,000, $80,000 The share of income received by the bottom quintile of this income distribution is which isthan that for the bottom quintile of the U.S. income distribution in 2005. 2.6%; lower 4.6%; lower 4.6%; higher 2.6%; higher Save

Explanation / Answer

831200

The bottom quintile is 14000+ 13200 + 8000 =35200

Percentage to total =$35200/$831200=

4.23%, which is lower than 67.7% for 2005

118000 110000 96000 92000 80000 62000 54000 52000 46000 38000 26000 22000 14000 13200 8000

831200

The bottom quintile is 14000+ 13200 + 8000 =35200

Percentage to total =$35200/$831200=

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