Question
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Based on this table showing the Distribution of Household Income...
Based on this table showing the Distribution of Household Income for 2018, answer the three questions below
| 2018 | ||
| Quintile | Income Range | Share of Total U.S. Income |
| Lowest | $0 - $25,600 | 3.1% |
| Second | $25,601 - $50,000 | 8.3% |
| Third | $50,001 - $79,542 | 14.1% |
| Fourth | $79,543 - $130,000 | 22.6% |
| Highest Fifth | Above $130,000 | 52.0% |
Richest 5% (not a quintile) | Above $248,728 | 23.1% |
1) What is meant by an income quintile?
2) What share of households had incomes of $50,000 or less in 2018 and explain?
3) What was the share of income received by the lowest three quintiles combined?
Answer & Explanation
Solved by verified expertAnswered by Anamikabansal on coursehero.com
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