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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

The lowest fifth of income earners have a 10 percent income share; the second fifth, a 17 percent income share; the third fifth, a 22 percent income share; the fourth fifth, a 24 percent income share; and the highest fifth, a 27 percent income share. Draw the Lorenz curve.

To determine

Draw a Lorenz curve.

Explanation

Table 1 shows the percentage of income and cumulative percentage of income at different quintiles: 

Table 1

QuintileIncome share in percentageCumulative percentage of income.
Lowest fifth1010
Second fifth1727
Third fifth2249
Fourth fifth2473
Highest fifth27100

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