The following question has 4 parts (a.-d.), parts b. to d. will be revealed after submitting your answer by hitting "Verify" on thepreceding sections.Suppose an economy is composed of 10 individuals. The following table shows their annual income in thousands of dollars.IndividualIndividual 1Individual 2Individual 3Individual 4Individual 5Individual 6Individual 7Individual 8Individual 9Individual 10Income46809633745448288310 a. What is the average income in each quintile? Express your answer in thousands of dollars rounded to the nearest firstdecimal.Quintile 1: NumberQuintile 2: NumberQuintile 3: NumberQuintile 4: NumberQuintile 5: Number

The expression income generally implies the amount of money, property, and other transfers of value…

Answered: Suppose an economy is composed of 10…

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter15: The Distribution Of Income And Poverty

Section15.3: Why Income Inequality Exists

Problem 2ST

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Suppose an economy is composed of 10 individuals. The following table shows their annual income in thousands of dollars. Individual Individual 1 Individual 2 Individual 3 Individual 4 Individual 5 Individual 6 Individual 7 Individual 8 Individual 9 Individual 10 Income 46 80 96 33 74 54 48 28 83 10