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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![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.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7cce1808-caf5-457b-bc5a-f7c079ff1a3b%2Fdd04bd55-f1d2-4c81-8b5c-cfa50a9e3e2d%2Fpap6djm_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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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