The following table shows the approximate income distribution for Peru, Bulgaria, and Lithuania in 2016. In particular, it shows the income shares of each fifth of the income distribution. Percentage Share, 2016 Percentage of Families Peru Bulgaria Lithuania Lowest fifth 4 9 7 Second-lowest fifth 8 14 12 Middle fifth 12 17 16 Second-highest fifth Highest fifth 20 22 22 56 38 43 has the most total income. On the following graph, plot the Lorenz curves for the three countries. Plot Peru's Lorenz curve using the green points (triangle symbol), Bulgaria's Lorenz curve using the blue points (circle symbol), and Lithuania's Lorenz curve using the purple points (diamond symbol). Be sure to plot the first point of each Lorenz curve at (0,0). Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. ILATIVE PERCENTAGE OF MONEY INCOME graph.) 80 100 Bulgaria Lithuania Peru 80 AMILIES 100 + • • Bulgaria Peru Lithuania ? You cannot tell from this graph which country has the most income inequality. (Hint: You may want to refer to the previous Lorenz curve The following table shows the approximate income distribution for Peru, Bulgaria, and Lithuania in 2016. In particular, it shows the income shares of each fifth of the income distribution. Percentage Share, 2016 Percentage of Families Peru Bulgaria Lithuania Lowest fifth 4 9 7 Second-lowest fifth 8 14 12 Middle fifth 12 17 16 Second-highest fifth Highest fifth 20 22 22 56 38 43 has the most total income. On the following graph, plot the Lorenz curves for the three countries. Plot Peru's Lorenz curve using the green points (triangle symbol), Bulgaria's Lorenz curve using the blue points (circle symbol), and Lithuania's Lorenz curve using the purple points (diamond symbol). Be sure to plot the first point of each Lorenz curve at (0,0). Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. CUMULATIVE PERCENTAGE OF MONEY INCOME graph.) 20 100 20 40 60 80 100 CUMULATIVE PERCENTAGE OF FAMILIES Peru Bulgaria Lithuania has the most income inequality. (Hint: You may want to refer to the previous Lorenz curve
The following table shows the approximate income distribution for Peru, Bulgaria, and Lithuania in 2016. In particular, it shows the income shares of each fifth of the income distribution. Percentage Share, 2016 Percentage of Families Peru Bulgaria Lithuania Lowest fifth 4 9 7 Second-lowest fifth 8 14 12 Middle fifth 12 17 16 Second-highest fifth Highest fifth 20 22 22 56 38 43 has the most total income. On the following graph, plot the Lorenz curves for the three countries. Plot Peru's Lorenz curve using the green points (triangle symbol), Bulgaria's Lorenz curve using the blue points (circle symbol), and Lithuania's Lorenz curve using the purple points (diamond symbol). Be sure to plot the first point of each Lorenz curve at (0,0). Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. ILATIVE PERCENTAGE OF MONEY INCOME graph.) 80 100 Bulgaria Lithuania Peru 80 AMILIES 100 + • • Bulgaria Peru Lithuania ? You cannot tell from this graph which country has the most income inequality. (Hint: You may want to refer to the previous Lorenz curve The following table shows the approximate income distribution for Peru, Bulgaria, and Lithuania in 2016. In particular, it shows the income shares of each fifth of the income distribution. Percentage Share, 2016 Percentage of Families Peru Bulgaria Lithuania Lowest fifth 4 9 7 Second-lowest fifth 8 14 12 Middle fifth 12 17 16 Second-highest fifth Highest fifth 20 22 22 56 38 43 has the most total income. On the following graph, plot the Lorenz curves for the three countries. Plot Peru's Lorenz curve using the green points (triangle symbol), Bulgaria's Lorenz curve using the blue points (circle symbol), and Lithuania's Lorenz curve using the purple points (diamond symbol). Be sure to plot the first point of each Lorenz curve at (0,0). Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. CUMULATIVE PERCENTAGE OF MONEY INCOME graph.) 20 100 20 40 60 80 100 CUMULATIVE PERCENTAGE OF FAMILIES Peru Bulgaria Lithuania has the most income inequality. (Hint: You may want to refer to the previous Lorenz curve
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Transcribed Image Text:The following table shows the approximate income distribution for Peru, Bulgaria, and Lithuania in 2016. In particular, it shows the income shares of
each fifth of the income distribution.
Percentage Share, 2016
Percentage of Families
Peru
Bulgaria
Lithuania
Lowest fifth
4
9
7
Second-lowest fifth
8
14
12
Middle fifth
12
17
16
Second-highest fifth
Highest fifth
20
22
22
56
38
43
has the most total income.
On the following graph, plot the Lorenz curves for the three countries. Plot Peru's Lorenz curve using the green points (triangle symbol), Bulgaria's
Lorenz curve using the blue points (circle symbol), and Lithuania's Lorenz curve using the purple points (diamond symbol). Be sure to plot the first
point of each Lorenz curve at (0,0).
Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.
ILATIVE PERCENTAGE OF MONEY INCOME
graph.)
80
100
Bulgaria
Lithuania
Peru
80
AMILIES
100
+ • •
Bulgaria
Peru
Lithuania
?
You cannot tell from this graph which country
has the most income inequality. (Hint: You may want to refer to the previous Lorenz curve
Transcribed Image Text:The following table shows the approximate income distribution for Peru, Bulgaria, and Lithuania in 2016. In particular, it shows the income shares of
each fifth of the income distribution.
Percentage Share, 2016
Percentage of Families
Peru
Bulgaria
Lithuania
Lowest fifth
4
9
7
Second-lowest fifth
8
14
12
Middle fifth
12
17
16
Second-highest fifth
Highest fifth
20
22
22
56
38
43
has the most total income.
On the following graph, plot the Lorenz curves for the three countries. Plot Peru's Lorenz curve using the green points (triangle symbol), Bulgaria's
Lorenz curve using the blue points (circle symbol), and Lithuania's Lorenz curve using the purple points (diamond symbol). Be sure to plot the first
point of each Lorenz curve at (0,0).
Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.
CUMULATIVE PERCENTAGE OF MONEY INCOME
graph.)
20
100
20
40
60
80
100
CUMULATIVE PERCENTAGE OF FAMILIES
Peru
Bulgaria
Lithuania
has the most income inequality. (Hint: You may want to refer to the previous Lorenz curve
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