The accompanying table gives the distribution of income for a very small economy. a. What is the

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The accompanying table gives the distribution of income for a very small economy.

a. What is the mean income? What is the median income?

Which measure is more representative of the income of the average person in the economy? Why?

b. What income range defines the first quintile? The third quintile?

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Essentials Of Economics

ISBN: 9781319221317

5th Edition

Authors: Paul Krugman, Robin Wells

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Question Posted: Mar 09, 2024 08:00 AM

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The accompanying table gives the distribution of income for a very small economy. a. What is the

Question:

Income Sephora $39,000 Kelly 17,500 Raul Vijay 900,000 15,000 Oskar 28,000

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a To determine mean or average income we take the total income of all individuals in this economy an...View the full answer

Essentials Of Economics

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