2. The table below presents data on annual labor income in a very simple, four-person economy, with income measured in Chinese yuan. Person # 1 2 3 4 Individual Labor Income (yuan) 18000 31000 67000 113000 a. Calculate both P75:P25 and S75:S25.
2. The table below presents data on annual labor income in a very simple, four-person economy, with income measured in Chinese yuan. Person # 1 2 3 4 Individual Labor Income (yuan) 18000 31000 67000 113000 a. Calculate both P75:P25 and S75:S25.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
P25= 25th percentile
P75= 75th percentile
S25= Share held by the bottom 25%
S75= Share held by the top 75%
Transcribed Image Text:2. The table below presents data on annual labor income in a very simple, four-person
economy, with income measured in Chinese yuan.
Person
#
1
2
3
4
Individual Labor
Income (yuan)
18000
31000
67000
113000
a. Calculate both P75:P25 and S75:S25.
b. Calculate Area A and Area B for Person 3 as if you were calculating the Gini
Coefficient.
c. Sketch out how the Lorenz Curve would change if Person 1's income fell by 5000
yuan and Person 3's rose by 5000 yuan. Your sketch does not need to plot specific
values.
Expert Solution
Step 1
Here, given that
P25= 25th percentile
P75= 75th percentile
S25= Share held by the bottom 25%
S75= Share held by the top 75%
Step by step
Solved in 2 steps with 1 images
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question
Hello, could someone please calculate and do b and c? All I have access to is A.
Thank you!
Transcribed Image Text:2. The table below presents data on annual labor income in a very simple, four-person
economy, with income measured in Chinese yuan.
Person
#
1
2
3
4
Individual Labor
Income (yuan)
18000
31000
67000
113000
a. Calculate both P75:P25 and S75:S25.
b. Calculate Area A and Area B for Person 3 as if you were calculating the Gini
Coefficient.
c. Sketch out how the Lorenz Curve would change if Person 1's income fell by 5000
yuan and Person 3's rose by 5000 yuan. Your sketch does not need to plot specific
values.
Solution
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