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Analyze the Distribution of Household Incomes Given in the Table

question 47

Essay

Analyze the distribution of household incomes given in the table below. Rank the families by income. Draw a Lorenz curve for the income distribution of these five families. Is their distribution of incomes more equal than the distribution of incomes for the entire population of the United States? Analyze the distribution of household incomes given in the table below. Rank the families by income. Draw a Lorenz curve for the income distribution of these five families. Is their distribution of incomes more equal than the distribution of incomes for the entire population of the United States?


Definitions:

Population Proportion

The ratio of members in a subset of the population who have a particular attribute to the total number of members in the population.

Point Estimate

A solitary figure or metric that represents the most probable estimate or optimal prediction for a population parameter, derived from sample data.

Margin of Error

The maximum expected difference between the true population parameter and a sample estimate of that parameter.

Mean

The average of a set of numbers, calculated by adding all the values together and dividing by the number of values.

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