Yeah, you sorta do.
Take for example if a level 60 would be in your group killing the 39/40 elites, he wouldn't be receiving any XP in the first place, so I don't think you would either.
I remember Toughie powering me through a bit, he was 60, we were in 52 elite mobs, I was only getting about 150 xp per mob kill even at 40, mainly because the 8 level difference for him gave him so little XP, therefore giving me little XP. So I'm guessing the XP gained in a group is dependent on the highest level and the number of people in the group.
There's a quick trick on power levelling, but you'd need a really high level, or 60 if possible
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