Question

The conditional distribution of lawyers by income status (given by rich, very rich, and filthy rich) is: ________

A)61%, 14%, 26%
B)61%, 50%, 66%
C)67%, 54%, 36%
D)69%, 52%, 31%

Answer 1

To calculate the share of total income each quintile receives from this income distribution, we need to sort the incomes from lowest to highest, calculate the total income, and then divide the sum of incomes in each quintile by the total income and multiply by 100. The top and bottom quintiles in this distribution have a larger share of total income than the top and bottom quintiles of the U.S. income distribution.

Step-by-step explanation:

To calculate the share of total income each quintile receives from this income distribution, we need to first sort the incomes from lowest to highest. The sorted list is as follows: $10,000, $12,000, $16,000, $18,000, $24,000, $24,000, $36,000, $50,000, $80,000, $100,000. Next, we need to calculate the total income, which is the sum of all the incomes: $370,000. Now, we can calculate the share of total income for each quintile by dividing the sum of incomes in each quintile by the total income and multiplying by 100.

The calculations are as follows:

• Quintile 1: ($10,000 + $12,000) / $370,000 * 100 = 6.76%
• Quintile 2: ($16,000 + $18,000) / $370,000 * 100 = 8.92%
• Quintile 3: ($24,000 + $24,000) / $370,000 * 100 = 12.97%
• Quintile 4: ($36,000 + $50,000) / $370,000 * 100 = 23.51%
• Quintile 5: ($80,000 + $100,000) / $370,000 * 100 = 47.84%

From the calculations above, we can see that the top and bottom quintiles in this distribution have a larger share of total income than the top and bottom quintiles of the U.S. income distribution.