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Articulated lorenz curve model

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Reference no: EM131153786

Suppose you're an economist working for the Brookings Institute and you've been asked to comment on what you see as a diverging level of inequality among representative households in two neighboring nations: Mira and Drovanna. You have the following information about these nations' households for 2014 (income values in 2014 US dollar equivalencies):

Mira

Drovanna

16000

28000

11000

32000

9000

56000

18000

43000

15000

88000

126000

36000

22000

27000

31000

61000

10000

59000

12000

48000

The Brookings Institute is about to recommend one of these nations to the World Bank as a nation deserving of additional development funds due to its significant need to close its income gap, the other will be recognized for its relatively low level of income inequality.

Question 1: Provide a fully articulated Lorenz Curve Model showing each of these two nations (both on the same model). 

Question 2: What is the Gini Coefficient for Mira? (Remember to convert all percentage to decimal equivalents and to carry to the fourth decimal for high accuracy)

Question 3: What is the Gini Coefficent for Drovanna?

Reference no: EM131153786

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