What is the approximate value of the gini coincident

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Consider a hypothetical island with only ten people. Eight have income of $10,000, one has income of $50,000, and one has income of $100,000.

a. Draw the Lorenz curve for this income distribution. What is the approximate value of the Gini coincident?

b. Suppose that a wealthy newcomer arrives on this island with an income of $500,000. How does it change the Lorenz curve? What is the impact on the Gini coincident?

Reference no: EM131204242

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