Business calculus

1. USA Data Collection [10 points] The following data, table 693 is from the US Census Bureau. It can be used to model a Lorenz function for a given year. As an example, let's consider income distribution in 1970. According to the data here, the poorest 20% [lowest 5*] of the population receives 4.1% of total income for families. Table 693. Share of Aggregate Income Received by Each Fifth and Top 5 Percent of Households: D70 to 2008 Mm Third MHighesl 51h 5m 51h 5|!) 51h 5?,510 38.18! 55.' 91.59 65.23! 102,23 64.456 101,549 eases 100,552 new 101.693 32.955 100.311 53.5% 101,141 64.013 103,619 MM 105,812 32.75 100,210 Source: U.S. Census Bureau, Income, Poverty and Health Insurance Coverage in the United States: 2008, Current Population Reports, P60236RV, and Historical TablesTables H1 and H2, September 2009. [2015, Oct 31} retrieved from Census data. In order to model the data, we need to consider cumulative population and cumulative percentage of national income. Using the data from table 693 for 1970, the cumulative population and cumulative percentage of national income is calculated: Table 1 Cumulative Population (%) Cumulative Income (%) Data Points (x.y) X y 20% 4.1% (0.2,0.041) 40% (20% + 20%) 14.9% (4.1% + 10.8%) (0.4,0.149) 60% (40% + 20%) 32.3% (14.9% + 17.4%) (0.6,0.323) 80% (60% + 20%) 56.3% (32.3% + 24.5%) (0.8,0.568) 100% (80% + 20%) 100% (56.3% + 43.3%) (1,1) A power function is used to model the Lorenz function. Using regression and the data points above (in the last column in the table above), you should get the following equation: y = 0.92x196 As described above, select a year between 1970 and 1990 (do not select 1970 or 1990), this year is referred to as Year A. Use table 693 for the data for Year A, calculate the cumulative population and cumulative percentage of national income, and create a table (like Table 1 for 1970). As described above, select a year between 1990 and 2008, this year is referred to as Year B. Use table 693 for the data for Year B, calculate the cumulative population and cumulative percentage of national income, and create a table (like Table 1 for 1970). All work for 1. USA Data Collection, 2. Data Analysis and 3. Global Data Collection should be included at the end of your report as an appendix