Suppose an economy is composed of 10 individuals. The following table shows their annual income in...

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Suppose an economy is composed of 10 individuals. The following table shows their annual income in thousands of dollars. Individual Income Individual 1 67 Individual 2 19 Individual 3 86 Individual 4 56 Individual 5 66 Individual 6 30 Individual 7 58 Individual 8 29 Individual 9 64 Individual 10 24 a. What is the average income in each quintile? Express your answer in thousands of dollars rounded to the nearest first decimal. Quintile 1: Number Quintile 2: Number Quintile 3: Number Quintile 4: Number Quintile 5: Number Suppose an economy is composed of 10 individuals. The following table shows their annual income in thousands of dollars. Individual Income Individual 1 67 Individual 2 19 Individual 3 86 Individual 4 56 Individual 5 66 Individual 6 30 Individual 7 58 Individual 8 29 Individual 9 64 Individual 10 24 a. What is the average income in each quintile? Express your answer in thousands of dollars rounded to the nearest first decimal. Quintile 1: Number Quintile 2: Number Quintile 3: Number Quintile 4: Number Quintile 5: Number

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To determine the average income in each quintile we need to first rank the individuals by their inco... View the full answer