Lorenz curves also can be used to provide a relative measure of the distribution of the total assets of a country. Using data in a report by the economic committee of a certain country, an economist produced the following Lorenz curves f distribution of total assets in the country in 1963 and 1983, shown below. f(x) =x Lorenz curve for 1963 g(x) = x Lorenz curve for 1983 Find the Gini index of income concentration for each Lorenz curve and interpret the results. What is the Gini index for 1963? (Round to three decimal places as needed.) What is the Gini index for 1983?O (Round to three decimal places as needed.) Interpret your results. O A. Total assets were more equally distributed in 1983 O B. Total assets were more equally distributed in 1963 OC. Total assets were distributed the same in 1963 as in 1983.
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
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