Income distribution. In a study on the effects of World War II on the U.S. economy, an economist used data from the U.S. Census Bureau to produce the following Lorenz curves for the distribution of U.S. income in 1935 and in 1947: f ( x ) = x 2.4 Lorenz curve for 1935 g ( x ) = x 1.6 Lorenz curve for 1947 Find the Gini index of income concentration for each Lorenz curve and interpret the results.
Income distribution. In a study on the effects of World War II on the U.S. economy, an economist used data from the U.S. Census Bureau to produce the following Lorenz curves for the distribution of U.S. income in 1935 and in 1947: f ( x ) = x 2.4 Lorenz curve for 1935 g ( x ) = x 1.6 Lorenz curve for 1947 Find the Gini index of income concentration for each Lorenz curve and interpret the results.
Solution Summary: The author calculates the Gini index of income concentration for the distribution of U.S income in 1935.
Income distribution. In a study on the effects of World War II on the U.S. economy, an economist used data from the U.S. Census Bureau to produce the following Lorenz curves for the distribution of U.S. income in 1935 and in 1947:
f
(
x
)
=
x
2.4
Lorenz curve for
1935
g
(
x
)
=
x
1.6
Lorenz curve for
1947
Find the Gini index of income concentration for each Lorenz curve and interpret the results.
The Lorenz curves for the income distribution in the United States for all races for 2015 and for 1980 are given below.
2015: y = x2.661
1980: y = x2.241
Find the Gini coefficient of income for both years. (Round your answers to three decimal places.)
2015:
1980:
If a country has a Lorenz curve of f(x)=x7/3 , for its wealth distribution, what is its Gini index of income concentration? Round your answer to the nearest tenth if necessary.
The Lorenz curves for the income distribution in the United States for all races for 2015 and for 1980 are given below.†
2015: y = x2.661 1980: y = x2.241
Find the Gini coefficient of income for both years. (Round your answers to three decimal places.)
20151980
Compare their distributions of income.
2015 shows ---Select--- less more the same income distribution inequality compared to 1980
Chapter 6 Solutions
Calculus for Business, Economics, Life Sciences, and Social Sciences (14th Edition)
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