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Fill in the blanks by identifying the various lines and axes on the Lorenz curve graph above. The graph represents the Lorenz curve for two
Fill in the blanks by identifying the various lines and axes on the Lorenz curve graph above. The graph represents the Lorenz curve for two countries: -The country of Equitable: Every household earns exactly $10,000 a year. -The country of Middling: the poorest 50% of the country earn 15% of the income; the richest 50% earn the remaining 85%. Axis (V or H) represents Cumulative percent of households Axis (V or H) represents Cumulative percent of income Country Line (1 or 2) represents the country of Equitable Country Line ( 1 or 2) represents the country of Middling Based on the information given above, for Country 1, the dotted line intersects the vertical axis at % The country of will have the largest Gini coefficient. (Write in Equitable, Middling, or "unable to tell") The country of will have the largest average income. (Write in Equitable, Middling, or "unable to tell")
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