The left column of Table 21P-4 shows the income data for 10 people at age 40. The right column shows the income for one of their children at the same age (adjusted for inflation).
a. How many people in the second generation are in a higher income quintile than their parents?
b. How many people in the second generation are in a lower income quintile than their parents?
c. How many people are in the highest income quintile who had parents who were in the lowest quintile?