In a certain country, the population consists of five blue p
Question and Solution
In a certain country, the population consists of five blue people and five green people. Each green person has an income
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In a certain country, the population consists of five blue people and five 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 for this country. b. On your diagram from part a, indicate clearly what area you would divide by what other area to calculate the Gini coefficient. c. [Difficult] Calculate the Gini coefficient. [Hint: The area of a triangle is equal to one-half base times height.]
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