5. The Government of Bambooz has published the following income distribution data. (20 points) Quintile Average...
5. The Government of Bambooz has published the following income distribution data. (20 points) Quintile Average Income, 2,000 4,000 5,400 7,500 14,000 Quintile % GNI 12.2 16.4 22.8 42.5 4 a) Calculate the % share of GNI for each quintile and the cumulative % share of GNI for each cumulative share of the total population. Then plot the Lorenz Curve from the information. Call this Lorenz I. (10 points) b) Suppose that each quintile has ten persons and that there...
4. The following income distribution data are for a hypothetical developing country. (20 points) Ọuintile Lowest 20% Second quintile Third Fourth quintile Highest 20% Highest 10% Percent Share 2.4% 5.7% 10.7% 18.6% 62.6% 46.2% quintile a) Carefully graph the Lorenz curve, labeling the axes. (5 points) b) This country's national income is about $300 billion. What is the dollar income of the bottom 20 percent? Bottom 40 percent? (5 points) c) Using the same income data specified in (ii), assume...