The following table gives economics data for the Lorenz curve for a particular country. 0 0.2...

 

Transcribed Image Text:

The following table gives economics data for the Lorenz curve for a particular country. 0 0.2 0.4 0.6 0.8 0 .02 0.1 0.2 0.4 X L(x) 1 1 a) Based on the table, the poorest 20% of the population earned what percent of the total income? b) The richest 20% of the population earned what percent of total income? c) Use a calculator or computer to find a quadratic curve best fit with form L(x) = ax² + bx + c for the for the given data. Write the result below. Round to 2 or 3 places in decimal values in the Lorenz curve. Show all work calculating the Gini Index for this country (based on the above Lorenz curve) as done in course notes and videos. Round decimal values to 2 or 3 places in the Lorenz curve. The following table gives economics data for the Lorenz curve for a particular country. 0 0.2 0.4 0.6 0.8 0 .02 0.1 0.2 0.4 X L(x) 1 1 a) Based on the table, the poorest 20% of the population earned what percent of the total income? b) The richest 20% of the population earned what percent of total income? c) Use a calculator or computer to find a quadratic curve best fit with form L(x) = ax² + bx + c for the for the given data. Write the result below. Round to 2 or 3 places in decimal values in the Lorenz curve. Show all work calculating the Gini Index for this country (based on the above Lorenz curve) as done in course notes and videos. Round decimal values to 2 or 3 places in the Lorenz curve.

Answer rating: 100% (QA)

SOLUTION a Based on the table the poorest 20 of the population earned 002 or 2 of the t... View the full answer