In order to study the effects of World War II on a certain country's economy, an economist used data from that country's census bureau to produce the following Lorenz curves for the distribution of income in 1935 and 1947.f(x) = x²2 Lorenz curve for 19351.6g(x) = x Lorenz curve for 1947Find the Gini index of income concentration for each Lorenz curve and interpret the results.What is the Gini index for 1935?(Round to three decimal places as needed.)What is the Gini index for 1947?(Round to three decimal places as needed.)Interpret your results.A. Income was more equally distributed in 1947.B. Income was more equally distributed in 1935.C. Income was distributed the same in 1935 as in 1947.

The correct option is (A). Use the theoretical distribution approach to calculate the Gini index.…

Answered: In order to study the effects of World…

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section6.8: Fitting Exponential Models To Data

Problem 3TI: Table 6 shows the population, in thousands, of harbor seals in the Wadden Sea over the years 1997 to...

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In an effort to make the distribution of income more nearly equal, the government of a country passes a tax law that changes the Lorenz curve from y = 0.98x2.1 for one year to y = 0.32x2 + 0.68x for the next year. Find the Gini coefficient of income for both years. (Round your answers to three decimal places.)
Suppose a Lorenz curve for a particular country is f(x)=x4 for 0≤x≤1. What is the Gini index of income concentration for this country? Give your answer to the nearest integer
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Suppose a logistic regression analysis of some data for restaurants gave the following result, in terms of L, which here represents the logit, that is, the log odds, lnOdds. L(x1, x2) = .3 − .2x1 + .1x2, where Y = 1 denotes closing within one year of startup,Y = 0 denotes staying in business more than one year , X1 = 1 if franchised, 0 if not,X2 = 1 if a fast-food restaurant, 0 if not,Px = Pr{Y = 1|x1,x2}, Qx = Pr{Y = 0|x1,x2},L(x1, x2) = ln(Px1,x2 /Qx1,x2 ) = logit(Px1,x2 ) 1. What is the value of L(0, 1) ? (A) .1 (B) .2 (C) .3 (D) .4 (E) .5 2. The number P(Y = 1|X1 = 0,X2 = 1) is the probability that (A) a franchised fast-food restaurant is bankrupt within one year. (B) a franchised non-fast food restaurant is not bankrupt within one year. (C) a non-franchised fast-food restaurant is bankrupt within one year. (D) a non-franchised non-fast food restaurant is bankrupt within one year. (E) a fast-food restaurant is franchised. 3. (continuation) What is the value of…

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