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2. Constructing a Lorenz curve from income shares data The following table shows the approximate income...
2. Constructing a Lorenz curve from income shares data
2. Constructing a Lorenz curve from income shares dataThe following table shows the approximate income distribution for Nicaragua, Haiti, and Croatia in 2013. In particular, it shows the income shares of each quintile of the income distribution.Income GroupPercentage of Total Income, 2013Nicaragua Haiti Croatia Lowest quintile628Second quintile10613Third quintile141017Fourth quintile211822Highest quintile496440 Haiti has the most total income.On the following graph, plot the Lorenz curves for the three countries. Plot Nicaragua's Lorenz curve using the green points (triangle symbol), Haiti's Lorenz curve using the blue points...
3. Constructing a Lorenz curve from personal income data The Smith quintuplets and the Johnson quintuplets...
3. Constructing a Lorenz curve from personal income data The Smith quintuplets and the Johnson quintuplets grew up across the street from each other. Now in their 40s, the siblings earn the incomes shown in the following table: Smith Al Smith Bob Smith Chris Smith Dave Smith Ed Smith Total for Smiths Income (Dollars) 60,000 20,000 30,000 40,000 50,000 200,000 Johnson Karl Johnson Larry Johnson Moe Johnson Nate Johnson Oliver Johnson Total for Johnsons Income (Dollars) 10,000 30,000 70,000 50,000...
8.(2 points) Suppose that the table below shows the share of aggregate income received by each...
8.(2 points) Suppose that the table below shows the share of aggregate income received by each fifth and the top 5 percent of U.S. households in 2000 and 2020. Year Lowest Quintile Second Quintile Third Quintile Fourth Quintile Highest Quintile Top 5% 2000 3.6 8.9 14.8 23.0 49.8 22.1 2020 2.5 6.8 10.1 22.0 58.6 30.3 Based on the data in the table, did the U.S. income distribution become more or less unequal over time? (Note: it may be helpful...
4. The following income distribution data are for a hypothetical developing country. (20 points) Ọuintile Lowest...
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...
You learned that a Lorenz Curve shows the cumulative share of population on the horizontal axis...
You learned that a Lorenz Curve shows the cumulative share of
population on the horizontal axis and the cumulative percentage of
total income received on the vertical axis. Based on the figure
below answer the following:
a) What the perfect equality line means?
b) What do 1980 and 2011 Lorenz Curves tell us regarding the
evolution of the US income distribution? JUSTIFY your answer!
100% 80% Perfect equality 60% Cumulative Share of Income 40% 1980 20% 2011 0 0 100...
The following table summarizes the income distribution for the town of Perkopia, which has a population...
The following table summarizes the income distribution for the town of Perkopia, which has a population of 10,000 people. Every individual within an income group earns the same income, and the total annual income in the economy is $500,000,000. Suppose that in 2000, the poverty income threshold, or poverty line, is set at an annual income of $12,700 for an individual Share of Total Income in Perkopia (Percent) Year Lowest Quintile Second Quintile Middle Quintile Fourth Quintile Highest Quintile 1994...
1. Income inequality and the poverty rate The following table summarizes the income distribution for the...
1. Income inequality and the poverty rate The following table summarizes the income distribution for the town of Perkopia, which has a population of 10,000 people. Every individual within an income group earns the same income, and the total annual income in the economy is $500,000,000. Suppose that in 2016, the poverty line is set at an annual income of $40,700 for an individual. Share of Total Income in Perkopia (Percent) Fourth Quintile Second Quintile Middle Quintile Highest Quintile Year...
Homework (Ch 20) 1. Income inequality and the poverty rate The following table summarizes the income...
Homework (Ch 20) 1. Income inequality and the poverty rate The following table summarizes the income distribution for the town of Perkopia, which has a population of 10,000 people. Every individual within an income group earns the same income, and the total annual income in the economy is $500,000,000. Suppose that in 2001, the poverty line is set at an annual income of $47,000 for an individual, Year Lowest Quintile 4.0 2001 Share of Total Income in Perkopia (Percent) Second...
1. Income inequality and the poverty rate The following table summarizes the income distribution for the...
1. Income inequality and the poverty rate The following table summarizes the income distribution for the town of Perkopia, which has a population of 10,000 people. Every individual within an income group earns the same income, and the total annual income in the economy is $500,000,000. Suppose that in 2016, the poverty line is set at an annual income of $40,700 for an individual Share of Total Income in Perkopia Percent Middle Lowest Second Fourth uintile 240 22.8 22.4 21.6...
6. Income inequality and the poverty rate The following table summarizes the income distribution for the...
6. Income inequality and the poverty rate The following table summarizes the income distribution for the town of Perkopia, which has a population of 10,000 people. Every individual within an income group earns the same income, and the total annual income in the economy is $500,000,000. Suppose that in 2000, the poverty income threshold, or poverty line, is set at an annual income of $27,400 for an individual.Share of Total Income in Perkopia (Percent)YearLowest QuintileSecond QuintileMiddle QuintileFourth QuintileHighest Quintile19945.011.016.024.044.020003.89.915.222.548.620063.59.214.822.050.520123.28.214.021.553.1The data in the...
3. Constructing a Lorenz curve from personal income data The Smith quintuplets and the Johnson quintuplets grew up across the street from each other. Now in their 40s, the siblings earn the incomes shown in the following table: Smith Al Smith Bob Smith Chris Smith Dave Smith Ed Smith Total for Smiths Income (Dollars) 60,000 20,000 30,000 40,000 50,000 200,000 Johnson Karl Johnson Larry Johnson Moe Johnson Nate Johnson Oliver Johnson Total for Johnsons Income (Dollars) 10,000 30,000 70,000 50,000...
8.(2 points) Suppose that the table below shows the share of aggregate income received by each fifth and the top 5 percent of U.S. households in 2000 and 2020. Year Lowest Quintile Second Quintile Third Quintile Fourth Quintile Highest Quintile Top 5% 2000 3.6 8.9 14.8 23.0 49.8 22.1 2020 2.5 6.8 10.1 22.0 58.6 30.3 Based on the data in the table, did the U.S. income distribution become more or less unequal over time? (Note: it may be helpful...
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...
You learned that a Lorenz Curve shows the cumulative share of
population on the horizontal axis and the cumulative percentage of
total income received on the vertical axis. Based on the figure
below answer the following:
a) What the perfect equality line means?
b) What do 1980 and 2011 Lorenz Curves tell us regarding the
evolution of the US income distribution? JUSTIFY your answer!
100% 80% Perfect equality 60% Cumulative Share of Income 40% 1980 20% 2011 0 0 100...
The following table summarizes the income distribution for the town of Perkopia, which has a population of 10,000 people. Every individual within an income group earns the same income, and the total annual income in the economy is $500,000,000. Suppose that in 2000, the poverty income threshold, or poverty line, is set at an annual income of $12,700 for an individual Share of Total Income in Perkopia (Percent) Year Lowest Quintile Second Quintile Middle Quintile Fourth Quintile Highest Quintile 1994...
1. Income inequality and the poverty rate The following table summarizes the income distribution for the town of Perkopia, which has a population of 10,000 people. Every individual within an income group earns the same income, and the total annual income in the economy is $500,000,000. Suppose that in 2016, the poverty line is set at an annual income of $40,700 for an individual. Share of Total Income in Perkopia (Percent) Fourth Quintile Second Quintile Middle Quintile Highest Quintile Year...
Homework (Ch 20) 1. Income inequality and the poverty rate The following table summarizes the income distribution for the town of Perkopia, which has a population of 10,000 people. Every individual within an income group earns the same income, and the total annual income in the economy is $500,000,000. Suppose that in 2001, the poverty line is set at an annual income of $47,000 for an individual, Year Lowest Quintile 4.0 2001 Share of Total Income in Perkopia (Percent) Second...
1. Income inequality and the poverty rate The following table summarizes the income distribution for the town of Perkopia, which has a population of 10,000 people. Every individual within an income group earns the same income, and the total annual income in the economy is $500,000,000. Suppose that in 2016, the poverty line is set at an annual income of $40,700 for an individual Share of Total Income in Perkopia Percent Middle Lowest Second Fourth uintile 240 22.8 22.4 21.6...
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