3. In a certain country the Lorenz Curve is modeled by L(x)- .95x2- 26x +31 a. Determine what per...
Mars has an income distribution that can be modeled by the Lorenz Curve L(x)=x2.75 a. What percent of the wealth do the poorest 35% of Martians control? Round your answer to 2 decimal places b.What is Mars's Gini Index? Round your answer to 2 decimal places.
I need help with this question please! - 4 marks) In economics, a population's Lorenz curve L(2) gives the percentage (as a decimal) of the country's distribution of wealth among the lowest earning percentage 2 (as a decimal between 0 and 1; e.g., 35% means x = 0.35) of the population. As an example, if L(0.4) = 0.1, then this means that the lowest earning 40% of households have only 10% of the entire economy's wealth. The line y =...
2. The following table gives points on the Lorenz curve for the U.S. in 1970. 0 .6 8 .2 .4 L(x) 0 .323 .568 1 041 .149 a) Based on the table, the poorest 20% of the population in 1970 earned what percent of the total income? b) The richest 20% of the population earned what percent of total income in the US, in 1970? Use a calculator or computer to find a quadratic curve best fit with form L(x)...
I need help with all these l T-Mobile Wi-Fi 12:38 PM 69% くBack Homework 1.pdfa で Name and Dot Number Multiple Choice Questions 1. Which of the following is not considered an economic resource? A. Real estate B. A personal relationship C. Cash D. These are all examples of a resource. 2. Which of the following economic decisions would most likely be studied by a macroeconomist? A. Domino's Pizza decides to provide quantity discounts in order to increase revenue B....
Chapter overview 1. Reasons for international trade Resources reasons Economic reasons Other reasons 2. Difference between international trade and domestic trade More complex context More difficult and risky Higher management skills required 3. Basic concept s relating to international trade Visible trade & invisible trade Favorable trade & unfavorable trade General trade system & special trade system Volume of international trade & quantum of international trade Commodity composition of international trade Geographical composition of international trade Degree / ratio of...
Match the following: 2. Adam Smith 3. Karl Marx 4. John Maynard Keynes Choices: (2 are not used.) a. invented capitalism b. invented socialism c. founder of modern macroeconomics d. founder of modern market economics e. predicted the end of capitalism 5. If a firm has trouble selling its good, it can a. lower price. b. increase demand. c. decrease supply. d. both a) and b) are correct. 6. People often pay too much for goods because they are not...
1. When it comes to financial matters, the views of Aristotle can be stated as: a. usury is nature’s way of helping each other. b. the fact that money is barren makes it the ideal medium of exchange. c. charging interest is immoral because money is not productive. d. when you lend money, it grows more money. e. interest is too high if it can’t be paid back. 2. Since 2008, when the monetary base was about $800 billion,...