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Question: Visit http://data.worldbank.org/indicator/SI.DST.FRST.20 and view the list of countries. Find the...

Show transcribed image text Visit http://data.worldbank.org/indicator/SI.DST.FRST.20 and view the list of countries. Find the country (a) that is alphabetically closest to your first name and (b) for which data exists (there is a number in at least one of the middle columns on the website, or there is a red dot/graph in the far right column). If there is a tie for closest country, just pick one. For example, if your first name is "Omar", then because there is no data for Oman, either Norway or Pakistan would be closest, so you could just pick "Pakistan" as your country. Write the name of your country here. Sudan Before we find various measures of income inequality for the country you have selected, we need to find a Lorenz curve for your country. Recall that the Lorenz curve L(x) is the function which tells you what fraction of the income, L(x), is controlled by the poorest fraction x of the population. (a) Visit http://data. worldbank.org/indicator/SI.DST.FRST.20 and click on your country from the list. From the graph, highlight the most recent data on the income share for the poorest 20% of the population in your country and write down this value as M. Remember that M should be a decimal less than 1, and that the numbers reported on the website are percentages, not decimals. (b) The Lorenz curve for your country could come in a variety of forms. We will use the "Chotikapanich" model L(x) = 1/e^k – 1 (e^kx – 1), where k is an (as yet) unknown constant. Check that, regardless of the value of k, for this formula we get L(0) = 0 and L(1) = 1. (c) Write one or two sentences explaining why it is important, in the context of distribution of income, that any Lorenz curve should satisfy the equations L(0) = 0 and L(1) = 1.

Visit http://data.worldbank.org/indicator/SI.DST.FRST.20 and view the list of countries. Find the country (a) that is alphabetically closest to your first name and (b) for which data exists (there is a number in at least one of the middle columns on the website, or there is a red dot/graph in the far right column). If there is a tie for closest country, just pick one. For example, if your first name is "Omar", then because there is no data for Oman, either Norway or Pakistan would be closest, so you could just pick "Pakistan" as your country. Write the name of your country here. Sudan Before we find various measures of income inequality for the country you have selected, we need to find a Lorenz curve for your country. Recall that the Lorenz curve L(x) is the function which tells you what fraction of the income, L(x), is controlled by the poorest fraction x of the population. (a) Visit http://data. worldbank.org/indicator/SI.DST.FRST.20 and click on your country from the list. From the graph, highlight the most recent data on the income share for the poorest 20% of the population in your country and write down this value as M. Remember that M should be a decimal less than 1, and that the numbers reported on the website are percentages, not decimals. (b) The Lorenz curve for your country could come in a variety of forms. We will use the "Chotikapanich" model L(x) = 1/e^k – 1 (e^kx – 1), where k is an (as yet) unknown constant. Check that, regardless of the value of k, for this formula we get L(0) = 0 and L(1) = 1. (c) Write one or two sentences explaining why it is important, in the context of distribution of income, that any Lorenz curve should satisfy the equations L(0) = 0 and L(1) = 1.