Plot the data along with the obtained curve

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Reference no: EM133710445

Question: Lorenz curve y = f (x) is used to represent a wealth distribution in a nation. The entire population is plotted along the x-axis from poorest to richest, and the height of the curve on the y-axis shows the percentage of total income received by the proportion of the population given on the x-axis. Graph of function y = x, called the line of perfect equality, represents the population where everyone has the same income. The area between the graphs of the two functions for 0 ≤ x ≤ 100 shows the country's income inequality.

The table below gives the percentage of income for selected percentages of people in a country.

x	10	20	30	40	50	60	70	80	90
y	3.32	6.41	8.96	12.39	19.32	28.11	38.65	55.13	78.29

Use Excel to fit a quadratic curve to the given data.
Plot the data along with the obtained curve above and the line y = x.
Using the obtained curve, approximate the income inequality for the given country.

Reference no: EM133710445

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