Figure 18-8 -Refer to Figure 18-8 to Answer the Following Questions

question 183

Essay

Figure 18-8
-Refer to Figure 18-8 to answer the following questions.
a. Did the distribution of income become more equal in 2012 than it was in 2011, or did it become less equal? Explain.
b. If area A = 1,900, area B = 450, and area C = 2,650, calculate the Gini coefficient for 2011 and the Gini coefficient for 2012.

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Definitions:

Supply Curve

Graph that shows the relationship between different prices and the quantities that sellers will offer for sale, regardless of demand.

Technologies

The application of scientific knowledge for practical purposes, especially in industry and improvements in tools, machinery, and devices.

Suppliers

Entities that provide goods or services to another entity, typically within a supply chain context.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price level at a given period.