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Calculate the total income

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Reference no: EM132476199

Question 1

Lorenz Curve and Gini Coefficient

Income of household

Household 1 1500

Household 2 8000

Household 3 2000

Household 4 10000

Household 5 9000

Household 6 12000

Household 7 15000

Household 8 16000

Household 9 30000

Household 10 20000

Use the above information to answer the following questions

I. Arrange the data from lowest to highest.

II. Calculate the total income

III. Calculate the total income in each quintile

IV. Calculate the percent of total income in each quintile

V. Approximate the percentages for easier graphing

VI. Calculate the cumulative percentage of household income

VII. Graph quintiles, cumulative percent of income, and line of perfect equality.

VIII. Calculate the Gini coefficient.

Reference no: EM132476199

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