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ECON 3T03 McMaster University Income Distribution Lorenz Curves Discussion

ECON 3T03 McMaster University Income Distribution Lorenz Curves Discussion

Question Description

I’m working on a economics exercise and need support to help me study.

(a) (80 points) Draw Lorenz curves for 2 income distributions in two countries. Can you say which distribution is more unequal based on the figures?

Income Distribution in Twilightia: ($20, $30, $40, $50; $70); (10, 30, 30, 20, 10) Income Distribution in Avataria: ($10, $15, $20, $40; $90); (5, 20, 20, 25, 25)

Note that for each country the first set of numbers represents the various incomes; whereas the second set of numbers represents the number of people earning each of these incomes. For example, in Twilightia there are 10 people with the income of $20, 30 people with the income of $30, 30 people with the income of $40 and so on.

(b) (20 points) Assume that Scrooge McDuck with his income of $2,000,000 has moved into Twilightia. How does this change affect Lorenz curve and Gini coefficient in Twilightia? (You do need to draw or calculate anything, just explain).

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