Question: Based on a study, the Lorenz curves for the distribution of incomes for bankers and actuaries are given respectively by the functions 9 f(2)=1/02

Based on a study, the Lorenz curves for the distribution of incomes for bankers and actuaries are given respectively by the functions 9 f(2)=1/02 + 1/02 and g(z)=0.5425 +0.46 (a) What percent of the total income do the richest 20% of bankers receive? Note: Round off to two decimal places if necessary (b) Compute for the Gini index of f(x) and g(z). What can be implied from the Gini indices of f(z) and g(x)?

Step by Step Solution

★★★★★

3.45 Rating (168 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a we can find the percent of the total income that the richest ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Business Communication Questions!

Based on a study by Dr. P. Sorita at Indiana University, assume that 12% of us have green eyes. In a study of 650 people, it is found that 86 of them have green eyes. a. Find the probability of at...

The Lorenz curves for the income distribution in the United States for all races for 2012 and for 2004 are given below (Source: U.S. Census Bureau). Find the Gini coefficient of income for both...

Based on a study by Dr. P. Sorita Soni at Indiana University, we know that eye colors in the United States are distributed as follows: 40% brown, 35% blue, 12% green, 7% gray, 6% hazel. a. A...

Bugaboo Co. manufactures three types of cookies: Fluffs, Crinkles, and Snaps. The production process is relatively simple, and factory overhead costs are allocated to products using a single...

In January 2005, the Canadian Imperial Bank of Commerce (CIBC) launched a lawsuit against a number of its former employees and Genuity Capital Markets. CIBC is seeking damages in excess of $10...

How many and which values, of the quantum number J can an atom possess in the state with quantum numbers S and L equal respectively to (a) 2 and 3; (b) 3 and 3; (c) 5/2 and 2?

Using two ropes and a roller chute, two workers are unloading a 200-kg cast-iron counterweight from a truck. Knowing that at the instant shown the counterweight is kept from moving and that the...

Judds Reproductions makes reproductions of antique tables and chairs and sells them through three sales outlets. The product line consists of two styles of chairs, two styles of tables, and three...

Assume you work as a staff member in a large accounting department for a multinational public company. Your job requires you to review documents relating to the company's equipment purchases. Upon...

Partial income statements of University Dining Hall Food Service for the first two quarters of Year 200X follow. Each dollar of variable cost per meal comprises 50 percent direct labor, 25 percent...

To generate a phone bill, observe the duration of the call in integer minutes (rounding up). Charge for m = 1,2,3, ... minutes if the exact duration t is m 1

Name and describe at least five methods of recruiting.

A system is described by the state variable equations 11-1 x(t) = 4 3 0 x(t)+0u(t), -21 10 y(t) = [100]x(t). Determine G(s) Y(s)/U(s). =

Theo owns 49,800 of the 120,000 outstanding shares of BBE Inc. The share price is $28.64. Each share is granted one vote for each open seat on the board of directors. Currently, there are three open...

10. Consider a 10-year coupon bond with 10% annual coupons. The current YTM is 7%. Suppose you buy the bond today and hold the bond till maturity. What is the rate of return from this investment if...

Metlock Company began operations on January 2, 2019. It employs 10 individuals who work 8-hour days and are paid hourly. Each employee earns 11 paid vacation days and 7 paid sick days annually....

October 1 S. Erickson invested $50,000 cash, a $16,000 pool equipment, and $12,000 of office equipment in the company. 2 The company paid $4,000 cash for five months rent. 3 The company purchased...

4. Solve the differential equation. (Hint: Use an appropriate substitution) dy (4x y+ 1)? dx

Pension Funds The managers of a pension fund have invested $3.5 million in U.S. government certificates of deposit (CDs) that pay interest at the rate of 2.2%/year compounded semiannually over a...

please help me on this and elaborate more thank you Based on the article given, provide the following information that can be gained from the articles: Research design/approach: Research...

please calculate and answer the questions below. Formulas for Excell needed as well. D G H K M Information from McCormick Your task is to make an estimate of McCormick & Company's Weighted Average...

3.2 Identifying FR level of importance using factor analysis The level of importance of the FRs is determined in this study by the application of factor analysis (principal component technique). The...

Developing a CSR Definition and Strategic Model from the Sufficiency Economy Philosophy Marissa Chantamas Abstract Corporate social responsibility (CSR) is becoming more important in business...

the case study: Strategy for Human Resources Development to Improve Employee Performance: Case Study of PT. Personnel Alih Daya Corporate Puspita Mayangsari, Syamsul Maarif, Siti Amanah School of...

Case Study 4 KMG Auditors recently recruited four graduates from Higher College of Technology. They were Mohammed, Saeed, Mansoor and Tariq. While joining KMG Auditors, the management informed them...