Go to the World Inequality Database (WID.world.) a. Report the Top 10% and Top 1% Fiscal Income for USA, Florida, and California.

1. Go to the World Inequality Database (WID.world.) a. Report the Top 10% and Top 1% Fiscal Income for USA, Florida, and California. b. Using the Gini Coefficient, which countries or regions have the highest inequality (above 0.6)?

2. Consider the following levels of income for the country of Macondo with a population of five individuals: 75, 100, 150, 200, 500

a. Fill out a table for the Lorenz curve (No need to draw it.) 20% 40% 60% 80% 100%

b. Calculate the Gini coefficient.

 3. What is the primary message from the article from Atkinson, Pickety and Saez (2011)? Is inequality inevitable? How much have income inequality changed in the United States in the last 100 years? How they use data to make the argument?

4. Mention two limitations about using survey data for reporting income inequality.

5. Explain the concept of a diminishing marginal utility of income. What does it imply about income distribution?

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