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Economists use Lorenz curves to illustrate the distribution of income in a country. Letting x represent the percent of families in a country and y the percent of total income, the model y = x would represent a country in which each family had the same income. The Lorenz curve, y = f(x), represents the actual income distribution. The area between these two models, for 0 Sx S 100, indicates the "income inequality" of a country. In 2013, the Lorenz curve for a country could be modeled by y = (0.00068x? + 0.0140x + 1.723), OSXS 100 where x is measured from the poorest to the wealthiest families. (a) Find the income inequality (in dollars) for that country 2013. (Round your answer to two decimal places.) %24 (b) Use the Lorenz curve to complete the table, which lists the percent of total income earned by each quintile in the country in 2013. (Round your answers three decimal places.) Quintile Lowest 2nd 3rd Highest Percent

Economists use Lorenz curves to illustrate the distribution of income in a country. Letting x represent the percent of families in a country and y the percent of total income, the model y = x would represent a country in which each family had the same income. The Lorenz curve, y = f(x), represents the actual income distribution. The area between these two models, for 0 Sx S 100, indicates the "income inequality" of a country. In 2013, the Lorenz curve for a country could be modeled by y = (0.00068x? + 0.0140x + 1.723), OSXS 100 where x is measured from the poorest to the wealthiest families. (a) Find the income inequality (in dollars) for that country 2013. (Round your answer to two decimal places.) %24 (b) Use the Lorenz curve to complete the table, which lists the percent of total income earned by each quintile in the country in 2013. (Round your answers three decimal places.) Quintile Lowest 2nd 3rd Highest Percent

MATLAB: An Introduction with Applications
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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Economists use Lorenz curves to illustrate the distribution of income in a country. Letting x represent the percent of families in a country and y the percent of total income, the model y = x would represent a country in which each family had the same income. The Lorenz curve, y = f(x), represents the actual income distribution. The area between these two models, for 0 sxs 100, indicates the "income inequality" of a country. In 2013, the Lorenz curve for a country could be modeled by y = (0.00068x2 + 0.0140x + 1.723)2, OSx S 100 where x is measured from the poorest to the wealthiest families. (a) Find the income inequality (in dollars) for that country in 2013. (Round your answer to two decimal places.) (b) Use the Lorenz curve to complete the table, which lists the percent of total income earned by each quintile in the country in 2013. (Round your answers to three decimal places.) Quintile Lowest 2nd 3rd 4th Highest Percent
Transcribed Image Text:Economists use Lorenz curves to illustrate the distribution of income in a country. Letting x represent the percent of families in a country and y the percent of total income, the model y = x would represent a country in which each family had the same income. The Lorenz curve, y = f(x), represents the actual income distribution. The area between these two models, for 0 sxs 100, indicates the "income inequality" of a country. In 2013, the Lorenz curve for a country could be modeled by y = (0.00068x2 + 0.0140x + 1.723)2, OSx S 100 where x is measured from the poorest to the wealthiest families. (a) Find the income inequality (in dollars) for that country in 2013. (Round your answer to two decimal places.) (b) Use the Lorenz curve to complete the table, which lists the percent of total income earned by each quintile in the country in 2013. (Round your answers to three decimal places.) Quintile Lowest 2nd 3rd 4th Highest Percent
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