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The distribution of household income for a hypothetical country called Libra is described below. Note that Libra is made up of only 5 households.
The distribution of household income for a hypothetical country called Libra is described below. Note that Libra is made up of only 5 households. Enter your responses below as whole number percentages. Household Annual Income ($) Share of income (%) Cumulative share of income (%) 1 200 2 400 3 600 4 1,200 5 1,600 a. Enter the shares of income earned by the five households in the table above. Remember to enter a value in every response box. Empty cells will score as incorrect. b. In the table above enter the cumulative shares of income earned by each household that would be used to draw this country's Lorenz curve. c. Draw a graph of the Lorenz curve for this economy. Plot a total of 6 points, including the origin point (0,0), using the given tool below. Cumulative Share of Income (%) 100 80 60 40 20 0 20 Lorenz Curve For Libra 40 60 Households (%) 80 100 Lorenz Curve
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a Household Annual income Share of income 1 200 2004000005 2 400 400400001 3 600 ...Get Instant Access to Expert-Tailored Solutions
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