nd Study Toolstionsccess Tipscess TipsBack2. Constructing a Lorenz curve from income shares dataThe following table shows the approximate income distribution for Colombia, Ukraine, and Turkey in 2011. In particular, it shows the income shares ofeach quintile of the income distribution.Income GroupLowest quintileSecond quintileThird quintileFourth quintileHighest quintilePercentage of Total Income, 2011TurkeyColombia Ukraine295614101714215018632238has the most total income.On the following graph, plot the Lorenz curves for the three countries. Plot Colombia's Lorenz curve using the green points (triangle symbol), Ukraine'sLorenz curve using the blue points (circle symbol), and Turkey's Lorenz curve using the purple points (diamond symbol)Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.

This can be defined as a graphical representation used in economics to illustrate income or wealth…

2. Constructing a Lorenz curve from income shares data The following table shows the approximate income distribution for Colombia, Ukraine, and Turkey in 2011. In particulac, it shows the income shares of each quintile of the income distribution. Income Group Lowest quintile Second quintile Third quintile Fourth quintile Highest quintile Percentage of Total Income, 2011 Colombia Ukraine Turkey 2 9 5 10 14 21 50 6 11 18. 63 14 17 22 38 has the most total income. d' On the following graph, plot the Lorenz curves for the three countries. Plot Colombia's Lorene curve using the green points (triangle symbol), Ukraine's orenz curve using the blue points (circle symbol), and Turkey's Lorenz curve using the purple points (diamond symbol) Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.

2. Constructing a Lorenz curve from income shares data The following table shows the approximate income distribution for Colombia, Ukraine, and Turkey in 2011. In particulac, it shows the income shares of each quintile of the income distribution. Income Group Lowest quintile Second quintile Third quintile Fourth quintile Highest quintile Percentage of Total Income, 2011 Colombia Ukraine Turkey 2 9 5 10 14 21 50 6 11 18. 63 14 17 22 38 has the most total income. d' On the following graph, plot the Lorenz curves for the three countries. Plot Colombia's Lorene curve using the green points (triangle symbol), Ukraine's orenz curve using the blue points (circle symbol), and Turkey's Lorenz curve using the purple points (diamond symbol) Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose there are 3 households in each society. This table shows income for poor, middle, and rich household, average income for all households, and the Gini coefficient for 4 societies. Based on this table, which of the following is true? (Select all that apply.) Society A Society B Society C Society D оооо Household Income Poor Middle Household Household 20,000 15,000 25,000 30,000 40,000 40,000 40,000 40,000 Rich Household 75,000 100,000 200,000 10,000,000 Society D has the most unequal income distribution. Society A has the most equal income distribution. Society D has the highest overall average income. Society A has the lowest overall average income. Average Income 45,000 51,667 88,333 3,356,667 Gini coefficient .27 .37 .44 .66
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