The distribution of household income for a hypothetical country called Libra is described below. Note that...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The distribution of household income for a hypothetical country called Libra is described below. Note that Libra is made up of only 5 households. Enter your responses below as whole number percentages. Household Annual Income ($) Share of income (%) Cumulative share of income (%) 1 200 2 400 3 600 4 1,200 5 1,600 a. Enter the shares of income earned by the five households in the table above. Remember to enter a value in every response box. Empty cells will score as incorrect. b. In the table above enter the cumulative shares of income earned by each household that would be used to draw this country's Lorenz curve. c. Draw a graph of the Lorenz curve for this economy. Plot a total of 6 points, including the origin point (0,0), using the given tool below. Cumulative Share of Income (%) 100 80 60 40 20 0 20 Lorenz Curve For Libra 40 60 Households (%) 80 100 Lorenz Curve The distribution of household income for a hypothetical country called Libra is described below. Note that Libra is made up of only 5 households. Enter your responses below as whole number percentages. Household Annual Income ($) Share of income (%) Cumulative share of income (%) 1 200 2 400 3 600 4 1,200 5 1,600 a. Enter the shares of income earned by the five households in the table above. Remember to enter a value in every response box. Empty cells will score as incorrect. b. In the table above enter the cumulative shares of income earned by each household that would be used to draw this country's Lorenz curve. c. Draw a graph of the Lorenz curve for this economy. Plot a total of 6 points, including the origin point (0,0), using the given tool below. Cumulative Share of Income (%) 100 80 60 40 20 0 20 Lorenz Curve For Libra 40 60 Households (%) 80 100 Lorenz Curve
Expert Answer:
Answer rating: 100% (QA)
a Household Annual income Share of income 1 200 2004000005 2 400 400400001 3 600 ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these economics questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
KYC's stock price can go up by 15 percent every year, or down by 10 percent. Both outcomes are equally likely. The risk free rate is 5 percent, and the current stock price of KYC is 100. (a) Price a...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
-
4. Apple Inc. is a US-based technology company that plans to invest in a new research and development center in Europe and aims to raise the required funds as follows: < < - - A bond issue of...
-
A uniform solid cylinder of radius R =15 cm rolls over a horizontal plane passing into an inclined plane forming an angle a = 30° with the horizontal (Fig. 1.67). Find the maximum value of the...
-
Consider a uniform flow with velocity V^. Show that this flow is a physically possible incompressible flow and that it is irrotational.
-
Total Placement Service (TPS) issued \(\$ 600,000\) of \(20-\) year, \(7 \%\) bonds payable at maturity (par) value on February 1, 2008. The bonds pay interest each January 31 and July 31, and the...
-
The beginning inventory of drift boats at Heritage Float Co. and data on purchases and sales for a three-month period are as follows: Instructions 1. Record the inventory, purchases, and cost of...
-
Given 2017 Sales Growth Rate (Blank), Taxes 52.23%, Dividend Payout Ratio (Blank), Does INTC Need EFN (or AFN) in 2018 (Blank), EFN (or EFN) (Blank) Forecast: 2018- Sales Growth Rate, Taxes,...
-
Faisal Ahmed commenced business on 7 November 2010 selling flat panel computer monitors. He brought in 15,000 in cash as his capital. He has a supplier from whom he purchases the monitors at 180...
-
What conditions will you get a different IPv4 address? Use the help command (arp ?) and determine how can you assign static MAC address to given IP address manually, rather than your computer running...
-
A force F = (4.07xi + 2.91y j)N, where x and y are in metres, acts on an object as it moves in the x direction from the origin to x = 5.18m. Calculate the work done on the object by the force. Submit...
-
How the uC/OS-II real time kernel measures the utilization of a CPU when multiple tasks are running? what is the initialization steps that are performed? and any assumptions made (if any) what are...
-
A 11 kg mass is connected to a nail on a frictionless table by a massless string 1.3 m long. There is no appreciable friction between the nail and the string. If the tension in the string is 51 N...
-
Q.2(a) Define the gradient of a scalar point function and evaluate V(r+Inr+tan 3r+- r). 3a.r axr (b) Show that curl = -- 5 a . where a is a constant vector.
-
Beto Company pays $4.70 per unit to buy a part for one of the products it manufactures. With excess capacity, the company is considering making the part. Making the part would cost $4.50 per unit for...
-
Blue Storage Ltd is considering a major investment to increase the number of square meters of storage space it can offer their customers. The investment is in light of some market research (cost...
-
If a test has high reliability. O the test measures what the authors of the test claim it measures O people who take the same test twice get approximately the same scores both times O scores on the...
-
Marty is a sales consultant. Marty incurs the following expenses related to entertainment of his clients in 2012: Dues to a country club......................................................$4,500...
-
Cypress Corporation has regular taxable income of $170,000 (assume annual gross receipts are greater than $5 million) and regular tax liability of $49,550 for 2012. The corporation also has tax...
-
Jan has two jobs during 2012. One employer withheld and paid FICA taxes on $66,600 of Jan's salary, and the other employer withheld and paid FICA taxes on $44,400 in salary paid to Jan. Calculate the...
-
Why are most larger businesses not managed as a single unit by one manager?
-
What are the main advantages and disadvantages that should be considered when deciding between a partnership business and a limited liability company?
-
Suppose an item of information is capable of being provided. It is relevant to a particular decision, it is also reliable, comparable, can be understood by the decision maker concerned and is...
Study smarter with the SolutionInn App