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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

In Exhibit 7, using Lorenz curve 2, calculate the approximate percentage of income that goes to the second-highest 20 percent of households.

To determine

Calculate the percentage of income that goes to the second highest 20 percent of household. 

Explanation

Figure 1 shows Lorenz curve as given below:

In Figure 1, the horizontal axis measures cumulative percentage of households and the vertical axis measures cumulative percentage of income...

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