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In: Economics

On a separate sheet of paper, draw a Lorenz Curve for the United States, using the...

On a separate sheet of paper, draw a Lorenz Curve for the United States, using the 2017 values for income quintiles. Label each kink point carefully, and draw the diagonal equality Lorenz Curve. Calculate the Gini Coefficient, and show your work. This is a long and tedious math problem, where you find the areas of triangles, rectangles and trapezoids over and over to get the areas needed for the formula.

2017: Shares of aggregate income

Quintile

Share of income

Cumulative share of income

1st

0.031

0.031

2nd

0.082

0.113

3rd

0.143

0.256

4th

0.230

0.486

5th

0.514

1

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Expert Solution

Rahul Sunny answered 2 years ago
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