What is a Gini coefficient?
What will be an ideal response?
A Gini coefficient is a commonly used measure of inequality of income derived from a Lorenz curve. It can range from zero to one. The coefficient is the ratio of the area between the Lorenz curve and the 45-degree to the area below the line of equality.
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Fill in the blank: Rent controls tend to ________ discrimination among landlords
A) increase nonprice B) increase price C) decrease nonprice D) eliminate
An organic food manufacturing company has been advertising widely against the consumption of inorganic food. This is an example of ________
A) backward induction B) indoctrination C) anchoring D) sniping
Refer to the graph below for a natural monopoly. Assume the demand for the natural monopoly is originally D1. Now suppose a second firm enters the market and the demand for each firm becomes D2. The result will be
a. profit to rise for both firms.
b. profit to fall for the original natural monopoly firm and a profit to be earned by the new second firm.
c. profits to continue to be enjoyed by the original natural monopoly but a loss for the new second firm.
d. losses for both firms.
If total utility from consuming two cups of coffee is 20 utils, and if the total utility from consuming three cups of coffee is 25 utils, then which of the following is the marginal utility of the third cup of coffee? a. 0
b. 5. c. 10. d. 20. e. 25.