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5. Suppose a country has the following income distribution: Income Number of Average Class Families Income 1 500 $10,000 2 1,500 30,000 3. 1,000 50,000
5. Suppose a country has the following income distribution: Income Number of Average Class Families Income 1 500 $10,000 2 1,500 30,000 3. 1,000 50,000 4. 1,000 60,000 5 500 80,000 6 500 100,000 A. Draw the Lorenz curve (show all computations and points on the Lorenz curve). [10 points] B. Compute the quintile shares. [10 points] C. Compute the income share of the top 10 percent of families. [5 points] D. Compute the ratio of the mean income of the top quintile to the mean income of the bottom quintile. [5 points]
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