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431 Problem Set 1_1

# 431 Problem Set 1_1 - Problem Set#1 Econ 431 Dr Hansen Due...

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Problem Set #1 Econ 431, Dr. Hansen Due Friday, Jan. 20, by 4 pm to Bryan’s inbox in FOB 130 NOTE: As noted in the syllabus, no late assignments will be graded. You may work on the problem set in a group of up to four members. However, each student should turn in his or her individual problem set, written in his or her own words. Put the names of all those you worked with under a heading “Group” at the top of your problem set. 1. Measuring poverty: The country of Freedonia has 40 inhabitants with the following yearly incomes: Income Number of Residents with Given Income \$200 5 \$250 5 \$400 10 \$500 10 \$900 5 \$1500 5 a. If the poverty line is \$550, calculate the poverty gap ratio, squared poverty gap ratio, and the head count ratio. b. What are the poverty gap ratio, squared poverty gap ratio, and head count ratio if the poverty line is \$275? c. How does the best redistributive government policy to address poverty change depend on the measure of poverty and poverty line chosen? For example, if the government of

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431 Problem Set 1_1 - Problem Set#1 Econ 431 Dr Hansen Due...

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