On the following graph, plot the Lorenz curves for the three countries. Plot Haiti's Lorenz curve using the green points (triangle symbol), Croatia's Lorenz curve using the blue points (circle symbol), and Nicaragua's Lorenz curve using the purple points (diamond symbol). Line segments will automatically connect the points. CUMULATIVE PERCENTAGE OF INCOME 100 80 60 40 20 0 20 40 60 80 CUMULATIVE PERCENTAGE OF HOUSEHOLDS 100 Haiti Croatia Nicaragua (?) has the least income inequality. (Hint: You may want to refer to your previous answers.)
On the following graph, plot the Lorenz curves for the three countries. Plot Haiti's Lorenz curve using the green points (triangle symbol), Croatia's Lorenz curve using the blue points (circle symbol), and Nicaragua's Lorenz curve using the purple points (diamond symbol). Line segments will automatically connect the points. CUMULATIVE PERCENTAGE OF INCOME 100 80 60 40 20 0 20 40 60 80 CUMULATIVE PERCENTAGE OF HOUSEHOLDS 100 Haiti Croatia Nicaragua (?) has the least income inequality. (Hint: You may want to refer to your previous answers.)
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter15: Poverty And Economic Inequality
Section: Chapter Questions
Problem 47P: A group of 10 people have the following annual incomes:...
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![On the following graph, plot the Lorenz curves for the three countries. Plot Haiti's Lorenz curve using the green points (triangle symbol), Croatia's
Lorenz curve using the blue points (circle symbol), and Nicaragua's Lorenz curve using the purple points (diamond symbol). Line segments will
automatically connect the points.
CUMULATIVE PERCENTAGE OF INCOME
100
80
60
40
20
0
20
40
60
80
CUMULATIVE PERCENTAGE OF HOUSEHOLDS
100
Haiti
Croatia
Nicaragua
(?)
has the least income inequality. (Hint: You may want to refer to your previous answers.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F81206221-7ef3-45b8-bcef-ee5db0e174f5%2F69d9ec6f-0c63-437c-972a-94f25452df71%2F1jth5w4_processed.png&w=3840&q=75)
Transcribed Image Text:On the following graph, plot the Lorenz curves for the three countries. Plot Haiti's Lorenz curve using the green points (triangle symbol), Croatia's
Lorenz curve using the blue points (circle symbol), and Nicaragua's Lorenz curve using the purple points (diamond symbol). Line segments will
automatically connect the points.
CUMULATIVE PERCENTAGE OF INCOME
100
80
60
40
20
0
20
40
60
80
CUMULATIVE PERCENTAGE OF HOUSEHOLDS
100
Haiti
Croatia
Nicaragua
(?)
has the least income inequality. (Hint: You may want to refer to your previous answers.)
![2. Constructing a Lorenz curve from income shares data
The following table shows the approximate income distribution for Haiti, Croatia, and Nicaragua in 2013. In particular, it shows the income shares of
each quintile of the income distribution.
Percentage of Total Income, 2013
Haiti Croatia
2
8
6
13
10
17
22
40
Income Group
Lowest quintile
Second quintile
Third quintile
Fourth quintile
18
Highest quintile 64
Nicaragua
6
10
14
21
49
has the least total income.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F81206221-7ef3-45b8-bcef-ee5db0e174f5%2F69d9ec6f-0c63-437c-972a-94f25452df71%2Fr70kj9u_processed.png&w=3840&q=75)
Transcribed Image Text:2. Constructing a Lorenz curve from income shares data
The following table shows the approximate income distribution for Haiti, Croatia, and Nicaragua in 2013. In particular, it shows the income shares of
each quintile of the income distribution.
Percentage of Total Income, 2013
Haiti Croatia
2
8
6
13
10
17
22
40
Income Group
Lowest quintile
Second quintile
Third quintile
Fourth quintile
18
Highest quintile 64
Nicaragua
6
10
14
21
49
has the least total income.
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