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Economists frequently make use of quintiles (i.e., the 20th, 40th, 60th, and 80th percentiles) particularly when discussing incomes. Suppose that in a large city household
Economists frequently make use of quintiles (i.e., the 20th, 40th, 60th, and 80th percentiles) particularly when discussing incomes. Suppose that in a large city household incomes are normally distributed with a mean of $50,000 and a standard deviation of $10,000. An economist wishes to identify the quintiles. Unfortunately, he did not pass his statistics course. Help him by providing the quintiles.
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