Consider the following distribution of income in a 12-person economy, (1, 1, 1.5, 1.5, 2, 2, 2, 2, 3, 3, 3, 3). Calculate the Gini coefficient of the economy using quartiles (dividing the economy into 4 equal parts meaning each section is 25% of t economy or the x axis is in increments of 25% compared to 10% for declles or 20% for quintiles) (Round answer to 2 decimal places)

Consider the following distribution of income in a 12-person economy, (1, 1, 1.5, 1.5, 2, 2, 2, 2, 3, 3, 3, 3). Calculate the Gini coefficient of the economy using quartiles (dividing the economy into 4 equal parts meaning each section is 25% of t economy or the x axis is in increments of 25% compared to 10% for declles or 20% for quintiles) (Round answer to 2 decimal places)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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