Consider a hypothetical economy that consists of 20 non-unionized private sector workers whohave the following annual earnings:$18,000 $21,000$9,000 $46,000$82,000 $59,000$12,000 $26,000$13,000 $27,000$76,000 $37,000$61,000 $6,000$14,000 $41,000$22,000 $3,000$23,000$24,000a) Using annual earnings ranges of $10,000 (i.e., 0-$10,000, $10,000-$20,000, and soforth), construct a histogram (absolute frequency distribution) of this economy'sdistribution of personal earnings. What is the mode of the histogram? What is theaverage (mean) level of earnings? What is the median level of earnings? Characterizethe distribution as being normal, skewed leftward, or skewed rightward. Explain.b) Construct a Lorenz curve showing the quintile distribution of earnings for this economy.c) What would be the likely impact of unionization of this entire workforce on the Lorenzcurve? Explain.

Answered: Consider a hypothetical economy that…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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