Project #17562 - assignment

The exercise is designed to help students understand how calculate income inequality and the Gini coefficient. Students should refer to the notes on income inequality presented in class and the example posted on Lea.

 

  1. Using the income data provided in the table below,

 

Name

Income

Sara

1400

Jesse

300

Bill

500

Tom

100

John

200

 

 

 

1.     Calculating Income inequality.

 

a)     Prepare the frequency distribution of individuals by income.

b)    Prepare the cumulative frequency distribution of individuals by income.

c)     Prepare the frequency distribution of total income.

d)    Prepare the cumulative frequency distribution of  total income

e)     Prepare the cumulative relative frequency of individuals.

f)     What the percentage of individuals received an income of $200 or less?

g)     What percentage of individuals received an income of $300 or less?

h)    What percentage of the total income did the poorest 40% receive?

i)      What percentage of total income did 80% of the individuals receive?

j)      What percentage of total income did the richest individual percent receive? 

k)    What percentage of total income did the poorest individual receive?

 

 

 

2.     Draw the Lorenz Curve for the data

 

3.     Calculating the Gini coefficient

Subject Business
Due By (Pacific Time) 11/24/2013 12:00 am
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