On the graph for the Lorenz curve, the vertical axis measures; the horizontal axis measuresand the values areand the values are Percentage of income10080886060404020--#2#3-#40 2040 60 80100Percentage of population

Introduction to the Lorenz Curve The Lorenz curve is a tool used to visualize the distribution of…

Answered: On the graph for the Lorenz curve, the…

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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Who is included in the top income quintile?
A group of 10 people have the following annual incomes: $55,000, $30,000, $15,000, $20,000, $35,000, $80,000, $40,000, $45,000, $30,000, $50,000. Complete the table. Income Quintile Share of Income $15,000 Bottom $20,000 $30,000 2nd $30,000 $35,000 3rd $40,000 $45,000 4th $50,000 $55,000 Top $80,000 If $4000 is taxed from the top earner and transferred to the lowest earner, would that increase or decrease the share of income held by the top quintile? Would this transfer increase or decrease the share of income held by the bottom quintile? Would this have any effect on the 2nd quintile? The 3rd? The 4th? Would this transfer increase, decrease, or have no effect on income inequality in this group? Redistributing income from the highest earner to the lowest one would reduce the utility of the top earner and increase the utility of the lowest earner. But what would happen to the overall utility of the…

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On the graph for the Lorenz curve, the vertical axis measures ; the horizontal axis measures and the values are and the values are Percentage of income 100 80 88 60 60 40 40 20 - - #2 #3 - #4 0 20 40 60 80 100 Percentage of population