There are 20 people living in Jalle town. Eight (8) residents are farmers, each of whom earns$200
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There are 20 people living in Jalle town. Eight (8) residents are farmers, each of whom earns$200 per year. Six (6) of them are fishermen, each of whom earns $300 per year. Four (4) of the residents own small shops, each of whom earns $600 per year. Two (2) residents are mechanics and each of them earns an annual income of $1000. The total annual income of Jalle town is, therefore, $7,800.
a) Based on the information given above, fill out the table below
Population Quintiles | % of Income Received) |
Poorest 0 % | |
Poorest 20% | |
Poorest 40% | |
Poorest 60% | |
Poorest 80% | |
Poorest 100% |
b) Graph the Lorenz curve of Jalle town and compute the Gini coefficient.
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