Graphically illustrate the changes over time in the table using the Lewis Model. Note that this means one assumption from the table will not be able to hold true in this model of economic development. Point out the difference on your graph. Year1950197019902000Rural %0.950.810.530.25Urban %0.050.190.470.75TotalPopulation5000500050005000Rural IncomePer Person(Currency)19000190001900019000Urban IncomePer Person(Currency)47000470004700047000

Lewis model is the model used to show the structural development of an economy. The unlimited labor…

Graphically illustrate the changes over time in the table using the Lewis Model. Note that this means one assumption from the table will not be able to hold true in this model of economic development. Point out the difference on your graph.

Graphically illustrate the changes over time in the table using the Lewis Model. Note that this means one assumption from the table will not be able to hold true in this model of economic development. Point out the difference on your graph.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter15: Poverty And Economic Inequality

Section: Chapter Questions

Problem 22RQ: Who is included in the top income quintile?

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Question

Year
1950
1970
1990
2000
Rural %
0.95
0.81
0.53
0.25
Urban %
0.05
0.19
0.47
0.75
Total
Population
5000
5000
5000
5000
Rural Income
Per Person
(Currency)
19000
19000
19000
19000
Urban Income
Per Person
(Currency)
47000
47000
47000
47000

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