Current US household income by percentiles is: $6,000 (bottom 10 percent) $12,000 $18,000 $32,000 $ 42,000 $55,000 $67,000 $84,000 $362,000 $680,000 (top 10 percent) That is, the poorest 10 percent of households earn an average income of $6,000 and the richest 10 percent of households earn an average of $680,000. (i) From the data above, approximately what is the median average household income. (ii) Construct a Lorenz Curve for the United States.
Current US household income by percentiles is: $6,000 (bottom 10 percent) $12,000 $18,000 $32,000 $ 42,000 $55,000 $67,000 $84,000 $362,000 $680,000 (top 10 percent) That is, the poorest 10 percent of households earn an average income of $6,000 and the richest 10 percent of households earn an average of $680,000. (i) From the data above, approximately what is the median average household income. (ii) Construct a Lorenz Curve for the United States.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter1: Expressions And Functions
Section1.5: Descriptive Modeling And Accuracy
Problem 11PPS
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