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Economics

Suppose that you have the given income distribution data for the residents of Disneyland:

Pluto                      $15,000
Donald Duck          $20,000
Ticket Taker           $5,000
Minnie Mouse        $25,000
Mickey Mouse        $35,000

Q1. The percentage of Disneyland income held by lowest quintile is 15%. Sate true or false and describe why?

Q2. Suppose that a perfectly equal distribution of income existed in the Disneyland. Which of the current residents would have the similar income he or she has in the present distribution?

Q3. Now suppose that Mickey Mouse becomes a mean-spirited authoritarian dictator. His income is $99,996. Each of the other characters receives $1. describe what this income distribution would appear like on the Lorenz curve.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M910160

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