A simple model for the Lorentz curve for family income in a particular country has the form f(x) = x². The Gini index for family income in this country is thought to be 6/8. This means that the correct value of p is p = 7 Using this value of p, find the fraction of the income earned by the top 5% of the population. The top 5% earn a fraction of the income. (Hint: Enter your answer in symbolic form, to avoid trouble with round-off error. Let WebWork do the arithmetic for you.)

A simple model for the Lorentz curve for family income in a particular country has the form f(x) = x². The Gini index for family income in this country is thought to be 6/8. This means that the correct value of p is p = 7 Using this value of p, find the fraction of the income earned by the top 5% of the population. The top 5% earn a fraction of the income. (Hint: Enter your answer in symbolic form, to avoid trouble with round-off error. Let WebWork do the arithmetic for you.)

Calculus: Early Transcendentals

8th Edition

ISBN:9781285741550

Author:James Stewart

Publisher:James Stewart

Chapter1: Functions And Models

Section: Chapter Questions

Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...

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Question

A simple model for the Lorentz curve for family income in a particular country has the
form
f(x) = x². The Gini index for family income in this country is thought to be 6/8. This
means that the correct value of p is p =
7
Using this value of p, find the fraction of the income earned by the top 5% of the
population. The top 5% earn a fraction
of the
income. (Hint: Enter your answer in symbolic form, to avoid trouble with round-off
error. Let WebWork do the arithmetic for you.)

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