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 per...
Show all work. Write neatly,use extra paper if needed one single PDF document and upload on Blackboard. Please do not email. Save with the filename and circle answers. Scan all pages together into format yourname_HW1.pdr. This assignment contains 5 questions on two pages. Use the definition of the Gini Index to show G-2 1. (x-L(x))dx where L(x) is the Lorenz curve. Show work to derive this formula. 2. The following table gives points on the Lorenz curve for the U.S....
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.