Homework Answers
Lorenz curve or diagram has been used for measuring income and wealth inequalities. More inequalities, denotes that GDP of country is not being distributed equitably.
Following is diagram:
45 Degree line shows that income has been equitably distributed in society or it is line of perfect equality. Deviation from line of perfectly equality shows that society is moving towards the inequalities in distribution of income.
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Using a Lorenz curve/diagram (or curves/diagrams), illustrate a perfectly equal distribution of income, a perfectly...
The function of a Lorenz curve is to O A. illustrate the relative effect of inflation on each group of income recipients OB. show the ideal distribution of income in a country. C. plot the relati...
The function of a Lorenz curve is to O A. illustrate the relative effect of inflation on each group of income recipients OB. show the ideal distribution of income in a country. C. plot the relationship between the cumulative percentage of households receiving income and the cumulative percentage of household income. D. provide a locus of all points for which a given percentage of households receives exactly that cumulative percentage of income.
The function of a Lorenz curve is to...
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...
Lorenz Curve The United Nations reports data on income distribution for different countries as a ratio...
Lorenz Curve The United Nations reports data on income distribution for different countries as a ratio of the income of the richest 10% to the income of the poorest 10%. If the ratio for Japan is 4.5 and the ratio for the United States is 15.9, which of the following statements is correct? a) This ratio is the slope of the Lorenz curve for each country. b) This is the same thing as the Gini coefficient. c) The distribution of...
Worsened Income Distribution under the Modern-Sector Enrichment Growth Typology (Lorenz curve) Why does the poverty gap...
Worsened Income Distribution under the Modern-Sector Enrichment
Growth Typology (Lorenz curve)
Why does the poverty gap increase when there is a growth in the
modern sector enrichment? Why does inequality increase?
100 100 Percentage of income recipients Percentage of income
100 100 Percentage of income recipients Percentage of income
Suppose the Lorenz curve for the distribution of income of a certain country is given by...
Suppose the Lorenz curve for the distribution of income of a certain country is given by the equation shown below. y = xe8x - 8 Find the Gini coefficient of income. (Round your answer to three decimal places.) Need Help? Read It Talk to a Tutor
1) Figure 2 below is an image of a Lorenz curve. a. (4) When the Lorenz...
1) Figure 2 below is an image of a Lorenz curve. a. (4) When the Lorenz curve sags lower, does that mean the economy is more equal or more unequal? b. (6) Explain how to use the information in Figure 2 to calculate the Gini coefficient 1. What is the typical range for Gini coefficients? ii. What does a high number indicate? 100 Perfect Equality Line Percentage of income Lorenz Curve 100 Percentage of Population Figure 2 2) (10) Describe...
1) Figure 2 below is an image of a Lorenz curve. a. (4) When the Lorenz...
1) Figure 2 below is an image of a Lorenz curve. a. (4) When the Lorenz curve sags lower, does that mean the economy is more equal or more unequal? b. (6) Explain how to use the information in Figure 2 to calculate the Gini coefficient. i. What is the typical range for Gini coefficients? ii. What does a high number indicate? 100 Perfect Equality Line Percentage of Income Lorenz Curve 100 Percentage of Population Figure 2 2) (10) Describe...
1) Figure 2 below is an image of a Lorenz curve. a. (4) When the Lorenz...
1) Figure 2 below is an image of a Lorenz curve. a. (4) When the Lorenz curve sags lower, does that mean the economy is more equal or more unequal? I i. What does a high number indicate? b. (Explain how to use the information in Figure 2 to calculate the Gini coefficient. i. What is the typical range for Gini coefficients? ii. What does a high number indicate? 100 Perfect Equality Line Percentage of Income Lorenz Curve 0 100...
Lorenz Curve 2) The graph below shows the Lorenz Curve. 60% 50% 10% 0% 20% 30%...
Lorenz Curve
2) The graph below shows the Lorenz Curve. 60% 50% 10% 0% 20% 30% 50% 60% 70% 100% a) Label both axes right in the graph (type it in the given text boxes). b) Label both curves right in the graph. (type it in the given text boxes) c) Which area in the graph shows the degree of income inequality in this country? You Answer: (2 points) (2 points) can either shade it right in the graph or...
Analyze this distribution of income. Draw the Lorenz curve. Complete the Gini index. Calculate top income...
Analyze this distribution of income. Draw the Lorenz curve. Complete the Gini index. Calculate top income shares. Income groups Group members Group income 350 2,500 250 5,000 150 15,000 60,000 50 Sum
The function of a Lorenz curve is to O A. illustrate the relative effect of inflation on each group of income recipients OB. show the ideal distribution of income in a country. C. plot the relationship between the cumulative percentage of households receiving income and the cumulative percentage of household income. D. provide a locus of all points for which a given percentage of households receives exactly that cumulative percentage of income.
The function of a Lorenz curve is to...
Worsened Income Distribution under the Modern-Sector Enrichment
Growth Typology (Lorenz curve)
Why does the poverty gap increase when there is a growth in the
modern sector enrichment? Why does inequality increase?
100 100 Percentage of income recipients Percentage of income
100 100 Percentage of income recipients Percentage of income
Suppose the Lorenz curve for the distribution of income of a certain country is given by the equation shown below. y = xe8x - 8 Find the Gini coefficient of income. (Round your answer to three decimal places.) Need Help? Read It Talk to a Tutor
1) Figure 2 below is an image of a Lorenz curve. a. (4) When the Lorenz curve sags lower, does that mean the economy is more equal or more unequal? b. (6) Explain how to use the information in Figure 2 to calculate the Gini coefficient 1. What is the typical range for Gini coefficients? ii. What does a high number indicate? 100 Perfect Equality Line Percentage of income Lorenz Curve 100 Percentage of Population Figure 2 2) (10) Describe...
1) Figure 2 below is an image of a Lorenz curve. a. (4) When the Lorenz curve sags lower, does that mean the economy is more equal or more unequal? b. (6) Explain how to use the information in Figure 2 to calculate the Gini coefficient. i. What is the typical range for Gini coefficients? ii. What does a high number indicate? 100 Perfect Equality Line Percentage of Income Lorenz Curve 100 Percentage of Population Figure 2 2) (10) Describe...
1) Figure 2 below is an image of a Lorenz curve. a. (4) When the Lorenz curve sags lower, does that mean the economy is more equal or more unequal? I i. What does a high number indicate? b. (Explain how to use the information in Figure 2 to calculate the Gini coefficient. i. What is the typical range for Gini coefficients? ii. What does a high number indicate? 100 Perfect Equality Line Percentage of Income Lorenz Curve 0 100...
Lorenz Curve
2) The graph below shows the Lorenz Curve. 60% 50% 10% 0% 20% 30% 50% 60% 70% 100% a) Label both axes right in the graph (type it in the given text boxes). b) Label both curves right in the graph. (type it in the given text boxes) c) Which area in the graph shows the degree of income inequality in this country? You Answer: (2 points) (2 points) can either shade it right in the graph or...
Analyze this distribution of income. Draw the Lorenz curve. Complete the Gini index. Calculate top income shares. Income groups Group members Group income 350 2,500 250 5,000 150 15,000 60,000 50 Sum
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