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Canada's Gini index is usually 30.0. a) Determine the Lorenz function. b) What percentage of wealth is owned by the least wealthy 55% of the citizens in Canada? Sometimes, raw data may not fit "neatly" into the f(x)=x" form, especially in cases where the distribution very heavily favors a small percentage of the population that holds most of the wealth. In these cases, an exponential function of the form f(x) = a*b*,0 ≤ x ≤ 1 may work better, as long as the value of a is extremely small.

Canada's Gini index is usually 30.0. a) Determine the Lorenz function. b) What percentage of wealth is owned by the least wealthy 55% of the citizens in Canada? Sometimes, raw data may not fit "neatly" into the f(x)=x" form, especially in cases where the distribution very heavily favors a small percentage of the population that holds most of the wealth. In these cases, an exponential function of the form f(x) = a*b*,0 ≤ x ≤ 1 may work better, as long as the value of a is extremely small.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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**Question 7: Understanding Canada's Income Distribution** Canada's Gini index is usually 30.0. a) **Determine the Lorenz function.** b) **What percentage of wealth is owned by the least wealthy 55% of the citizens in Canada?** --- **Understanding Wealth Distribution Models** Sometimes, raw data may not fit “neatly” into the \( f(x) = x^n \) form, especially in cases where the distribution very heavily favors a small percentage of the population that holds most of the wealth. In these cases, an exponential function of the form \( f(x) = a \cdot b^x, 0 \leq x \leq 1 \) may work better, as long as the value of \( a \) is extremely small.
Transcribed Image Text:**Question 7: Understanding Canada's Income Distribution** Canada's Gini index is usually 30.0. a) **Determine the Lorenz function.** b) **What percentage of wealth is owned by the least wealthy 55% of the citizens in Canada?** --- **Understanding Wealth Distribution Models** Sometimes, raw data may not fit “neatly” into the \( f(x) = x^n \) form, especially in cases where the distribution very heavily favors a small percentage of the population that holds most of the wealth. In these cases, an exponential function of the form \( f(x) = a \cdot b^x, 0 \leq x \leq 1 \) may work better, as long as the value of \( a \) is extremely small.
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