Lab Report 9 Solutions.pdf - MA103 Lab Report 9 Name...

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MA103 Lab Report 9Name:Student Number:Fall 20191.[10marks]In economics, the Lorenz curveL(x);where0°x°1;measures the distribution of wealth within an economy.As an example, ifL(0:4) = 0:1;then this means that the lowest earning 40% of households have only 10% of the entireeconomy°s wealth (and the remaining 60% of households have the remaining 90% of the wealth).The liney=xis called theline of equality since this would mean that the lowest earningx%of households would havex%of the economy°s wealth.Consider a country with a Lorenz curve given byL(x) =x3=2e0:338(x5=2°1):(a) Plot the Lorenz curveL(x)along with the line of equality in Maple.
(b) Evaluate each of the following using Maple.Round answers to 3 decimal places and interpret the results.i)L(0:3):=0:119L(0.3);ii)L(0:6):=0:364iii)L(0:9):=0:790)for this country, the lowest earning 30%, 60%, and 90% of the population has approx.11.9%, 36.4%, and 79.0%,respectively, of the country°s wealth.

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