1. Below is a hypothetical breakdown of the income distribution in a country. Use those calculate what should be graphed on the Lorenz curve and then sketch a Lorenz curve for those given numbers. Using that Lorenz curve show how a Gini coefficient would be calculated and explain what the values of the Gini coefficient mean. (you do not have to calculate the Gini, just describe how you could do so)? |Percent of GDP Received Quintile Bottom 20% Lower Middle 20% Middle 20% Upper Middle 20% Top 20% 16 20
1. Below is a hypothetical breakdown of the income distribution in a country. Use those calculate what should be graphed on the Lorenz curve and then sketch a Lorenz curve for those given numbers. Using that Lorenz curve show how a Gini coefficient would be calculated and explain what the values of the Gini coefficient mean. (you do not have to calculate the Gini, just describe how you could do so)? |Percent of GDP Received Quintile Bottom 20% Lower Middle 20% Middle 20% Upper Middle 20% Top 20% 16 20
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter15: Poverty And Economic Inequality
Section: Chapter Questions
Problem 7SCQ: Table 15.9 shows the share of income going to each quintile of the income distribution for the...
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