WDW101Y1 Lecture Notes - Lecture 3: Log-Normal Distribution, Income Distribution, Frequency Distribution
1 Mar 2016
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Document Summary
Lifetime income people earn low incomes during particular period of time, student for example some individuals may have a low annual income for a few years but expect to have a high lifetime income. Universities treat phd students much better than other professional students. The school gives more to phd students bez they built the academic reputation for the school. unit of management. Family and unattached individuals (how they define families in different ways) Usual procedure is adjust using square root of family size. eg: family of 4 requires double the income size. Median income below mean income- for normal distribution, median= mean. Quintile means ordering the population by income and dividing it into five groups of equal size. Decline means ordering the population by income and dividing it into ten groups of equal size. Example: quintile shares- refers small population controls hold large shares of market.
