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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