Question: Now answer the following questions using the table below. Measure Estimates Perfect Equality HOUSEHOLD INCOME Shares of Aggregate Income by Quintile Lowest Quintile 3.5 Second

Now answer the following questions using the table below. Measure Estimates Perfect Equality HOUSEHOLD INCOME Shares of Aggregate Income by Quintile Lowest Quintile 3.5 Second Quintile 10.3 Third Quintile 16.4 Fourth Quintile 23.7 Highest Quintile 46 Summary Measures Interdecile Ratio (90-10 Ratio) 9.185 80-20 Ratio (Interquintile Share Ratio) 13.1 Palma Ratio (90-40) 2.14 Gini Coefficient .412 a. In general, what do quantiles measure in data? What is the difference between quartiles, quintiles, deciles, and percentiles? b. Using the table above, what are the quintiles, and the summary measures telling us about the distribution of income in this society? Fill in the values in the table for what these values would equal under perfect equality

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