Answered: line represents 2010. Share of income…

line represents 2010. Share of income received 1960 2010 Bottom 20% 10% 5% Bottom 40% 30% 10% Bottom 60% 45% 30% Bottom 80% 75% 60% All 100% 100% 100% ur answer below: (90 fo)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The table below shows the share of income going to each quintile of the income distribution for a nation in
1960 and 2010. Use this data to calculate what the points on a Lorenz curve would be, and sketch
the Lorenz curve.
The purple line represents 1960.
The green line represents 2010.
Share of income received
1960
2010
Bottom 20%
10%
5%
Bottom 40%
30%
10%
Bottom 60%
45%
30%
Bottom 80%
75%
60%
All 100%
100%
|100%
Provide your answer below:
110
100-
-90
-80
(90,0)
-70
(100, 70)
-60
Perfect Equality
(100,50 Year 2010
-50
(80,50) Year 1960
40
(70, 30)
30-
(50, 20)
20
(90, 20)
10
(60, 10)
80
100
Income Quintiles
20
40
60
-10
Cumulative Share of Income

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