Question Parts:

Part A. The US Census reports that the bottom 60% of the population earn 27% of the income. What is the Gini coefficient for this limited data?

Part B. You look further, and also find that the bottom 20% of the population earn 3% of the income, and the to p20% earn 51% of the income. What is the new Gini coefficient with these extra data?

[The answer is SHOWN in the picture below, PLEASE SHOW THE STEPS & HOW TO SOLVE FOR THE ANSWER.]

*** Please explain and show all work. Thank you very much and will rate! :)

8. The US Census reports that the bottom 60% of the population earn 27% of the income. What is the Gini coefficient for this limited data? 33.0 9. You look further, and also find that the bottom 20% of the population earn 3% of the income, and the top 20% earn 51% of the income. What is the 42.4 new Gini coefficient with these extra data? [2 pts. ]