Question

7- Suppose in a given country the population consists of 5 blue people and 5 green...

7- Suppose in a given country the population consists of 5 blue people and 5 green people. Each green person has an income of 1$ per year. Each blue person has an income of $3 per year.

a. Draw the Lorenz curve.

b. Calculate the Gini coefficient

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Consider the following two earnings distributions for two countries (Country A and Country B). a) Calculate...
Consider the following two earnings distributions for two countries (Country A and Country B). a) Calculate the following for each country: i) the variance of earnings ii) the coefficient of variation for earnings iii) the 80-20 ratio iv) the area under the Lorenz Curve for earnings v) the Gini Coefficient for earnings. b) Comparing your answers in part a, which country has greater earnings inequality? Country A Country B Worker Earnings Worker Earnings 1 1 1 1 2 1 2...
An urn contains 6 green ball, 7 blue balls and 5 yellow balls. You are asked...
An urn contains 6 green ball, 7 blue balls and 5 yellow balls. You are asked to draw 3 balls, one at a time (without replacement). Find the probability that a green is pulled first, then another green ball then a blue ball.
1. Some economists feel that: a.there will always be inequality in a market system, because people...
1. Some economists feel that: a.there will always be inequality in a market system, because people will always make poor choices. b. Most economists would agree with one or more of these theories. c.the shift toward freer markets around the world has widened inequalities. d.the shift toward greater economic growth around the world has widened inequalities. 2. Economic discrimination is one of the causes of income inequality. False/True 3. The Lorenz curve for wealth in the United States: a.has a...
A glass jar contains 1 red, 3 green, 2 blue, and 4 yellow marbles. Two people...
A glass jar contains 1 red, 3 green, 2 blue, and 4 yellow marbles. Two people are drawing from one jar one after the other. Determine the probability of the following events occurring. A) the first person draws and keeps a yellow marble and then the second person draws a green marble B) the first person draws and keeps a blue marble and then the second person draws a red marble C) the first person draws and keeps the green...
An urn contains 5 red, 7 blue and 6 green marbles. If a set of 4...
An urn contains 5 red, 7 blue and 6 green marbles. If a set of 4 marbles is randomly selected, what is the probability that each of the marbles will be (a) of the same color? (b) of different colors?
The population of a particular country consists of three ethnic groups. Each individual belongs to one...
The population of a particular country consists of three ethnic groups. Each individual belongs to one of the four major blood groups. The accompanying joint probability table gives the proportions of individuals in the various ethnic group-blood group combinations. Blood Group O A B AB 1 0.082 0.102 0.013 0.004 Ethnic Group 2 0.139 0.141 0.018 0.001 3 0.215 0.210 0.055 0.020 Suppose that an individual is randomly selected from the population, and define events by A = {type A...
The population of a particular country consists of three ethnic groups. Each individual belongs to one...
The population of a particular country consists of three ethnic groups. Each individual belongs to one of the four major blood groups. The accompanying joint probability table gives the proportions of individuals in the various ethnic group-blood group combinations. Blood Group O A B AB 1 0.082 0.112 0.005 0.004 Ethnic Group 2 0.129 0.141 0.018 0.009 3 0.215 0.199 0.066 0.020 Suppose that an individual is randomly selected from the population, and define events by A = {type A...
A jar contains 6 red marbles, 9 green marbles, and 3 blue marbles. Suppose you draw...
A jar contains 6 red marbles, 9 green marbles, and 3 blue marbles. Suppose you draw three marbles, without replacement. A) Draw a probability tree to represent this experiment. B) What is the probability that you draw a red marble? C) What is the probability that you draw 3 green marbles in a row? D) What is the probability that you draw one of each color?
Question 5 (1 point) Box1: 5 green balls, 4 red balls, 5 blue balls Box2: 0...
Question 5 (1 point) Box1: 5 green balls, 4 red balls, 5 blue balls Box2: 0 green balls, 4 red balls, 7 blue balls Experiment: Select one of the two boxes with uniform random probability, and draw two balls from the selected box. Record the box number as the r.v. i, and the colors of the two balls as b1, b2. Compute P(b1 = green ) [Round to 3 digits after decimal point] Your Answer:
Suppose that in a certain population, 18% have green eyes and 25% have blonde hair. In...
Suppose that in a certain population, 18% have green eyes and 25% have blonde hair. In addition, 11% of people have green eyes and blonde hair. Let G represent the event that a person has green eyes, and B represent the event that a person has blonde hair. In each part of this question, you must first express each probability in terms of the events G and B and justify any computation through the use of a formula. (a) Express...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT