1) A group of 10 people have the following annual incomes:$55,000, $30,000, $15,000, $20,000, $35,000, $80,000, $40,000, $45,000, $30,000, $50,000.

1) A group of 10 people have the following annual incomes:$55,000, $30,000, $15,000, $20,000, $35,000, $80,000, $40,000, $45,000, $30,000, $50,000.

• A. Calculate the share of total income each quintile of this income distribution received.
• B. What is the ratio of the top quintile to the bottom quintile in part 1b? Is income evenly distributed within this group? How can you tell?
• C. The poverty level for this community of 10 people has been determined to be $16,000. What is the poverty rate in this community?

2) Figure 15.2 in section 15.1 of your textbook (p. 355) shows the U.S. Poverty Rate from 1960 through 2013. In 2020, the U.S. Census Bureau prepared an updated report that included the following information:

Poverty Rate: 1959 to 2019