In a country called Econoland, there are 10 people. Their incomes (in thousands) are $3, $6, $2,

Question:

In a country called Econoland, there are 10 people. Their incomes (in thousands) are $3, $6, $2, $8, $4, $9, $1, $5, $7, and $5. Construct a table of income quintiles like Table 17-2. Plot a Lorenz curve. Calculate the Gini coefficient defined in Section A.