The table shows the distribution of market income. Market income (percent of total) 1 7 14 23 55 Households Lowest 20% Second 20% Middle 20% Fourth 20% Highest 20% *** Draw points to indicate the share of market income of 1) the lowest 20 percent of households 2) the lowest 40 percent of households 3) the lowest 60 percent of households 4) the lowest 80 percent of households. Draw the economy's Lorenz curve through the points. >>> When you have finished drawing the curve press the Escape key to release the drawing tool. 100 80- 60- 40- 20- 0 Cumulative percentage of income 20 40 80 60 Cumulative percentage of households >>> Draw only the objects specified in the question. 10 it i du: rea les SI Orien 1 CH Camp NS 1

The table shows the distribution of market income. Market income (percent of total) 1 7 14 23 55 Households Lowest 20% Second 20% Middle 20% Fourth 20% Highest 20% *** Draw points to indicate the share of market income of 1) the lowest 20 percent of households 2) the lowest 40 percent of households 3) the lowest 60 percent of households 4) the lowest 80 percent of households. Draw the economy's Lorenz curve through the points. >>> When you have finished drawing the curve press the Escape key to release the drawing tool. 100 80- 60- 40- 20- 0 Cumulative percentage of income 20 40 80 60 Cumulative percentage of households >>> Draw only the objects specified in the question. 10 it i du: rea les SI Orien 1 CH Camp NS 1

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter15: Poverty And Economic Inequality

Section: Chapter Questions

Problem 7SCQ: Table 15.9 shows the share of income going to each quintile of the income distribution for the...

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Similar questions

How does the TANF attempt to loosen the poverty trap?
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Table 15.9 shows the share of income going to each quintile of the income distribution for the United Kingdom in 1979 and 1991. Use this data to calculate what the points on a Lorenz curve would be, and sketch the Lorenz curve. How did inequality in the United Kingdom shift over this time period? How can you see the patterns in the quintiles in the Lorenz curves?