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 for the distribution of total assets in the country in 1963 and 1983, shown below. f(x)=x7 Lorenz curve for 1963 g(x)=x12 Lorenz curve for 1983 Find the Gini index of income concentration for each Lorenz curve and interpret the results. Question content area bottom Part 1 What is the Gini index for 1963? (Round to three decimal places as needed.) Part 2 What is the Gini index for 1983? (Round to three decimal places as needed.) Part 3 Interpret your results. A. Total assets were more equally distributed in 1963 B. Total assets were distributed the same in 1963 as in 1983. C. Total assets were more equally distributed in 1983
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 for the distribution of total assets in the country in 1963 and 1983, shown below. f(x)=x7 Lorenz curve for 1963 g(x)=x12 Lorenz curve for 1983 Find the Gini index of income concentration for each Lorenz curve and interpret the results. Question content area bottom Part 1 What is the Gini index for 1963? (Round to three decimal places as needed.) Part 2 What is the Gini index for 1983? (Round to three decimal places as needed.) Part 3 Interpret your results. A. Total assets were more equally distributed in 1963 B. Total assets were distributed the same in 1963 as in 1983. C. Total assets were more equally distributed in 1983
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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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 for the distribution of total assets in the country in 1963 and 1983, shown below.
f(x)=x7 Lorenz curve for 1963
g(x)=x12 Lorenz curve for 1983
Find the Gini index of income concentration for each Lorenz curve and interpret the results.
Question content area bottom
Part 1
What is the Gini index for 1963?
(Round to three decimal places as needed.)
Part 2
What is the Gini index for 1983?
(Round to three decimal places as needed.)
Part 3
Interpret your results.
A.
Total assets were more equally distributed in 1963
B.
Total assets were distributed the same in 1963 as in 1983.
C.
Total assets were more equally distributed in 1983
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