Compare several different ways of looking at the data showwn in figure 1 and fig

Question

Compare several different ways of looking at the data showwn in figure 1 and figure 2. for example, does one seem to indicate a largere change in income inequality than the other? can you think of other possible ways to display income data that might give a different picture than those shown here?

0.500 0.490 0.480 0.470 0.460 0.450 0.440 Households J g 0,430 0.420 E 0.410 0.400 0.390 Families 0.380 0.370 0.360 0.350 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 Year Figure 4.18 Gini index for families and households, 1947-2010. Household data, which include single people and households in which the members are not part of the same family, have been taken only since 1967 The dashed segments in 1993 indicate a change in the methodology for data collection, so the corresponding rise in the Gini Index may be partially or wholly due to this change rather than a real change in income inequality. Source: Adapted from data by the U.S. Census Bureau. 60 49.8 50.2 50 46.6 43.3 44.1 40 Middle 60 percent 30 24.5 24.7 24.0 23.023.4 17.4 16.8 159 14.8 14.6 20 16.6 16.5 10.8 10.2 9.6 89 8.5 Top 5 2 10 4.1 4.2 3.8 3.6 3.3 percent 1970 '80 '90 '00 '10 970 '80 '90 '00 '10 970 '80 '90 '00'10 1970 '80 '90 '00 '10 970 '80 '90 '00 '10 Third quintile Fourth quintile Lowest quintile Second quintile Highest quintile gure 4.19 Share of total household income by quintile (and top 5%) at 10-year intervals. Source: U.S. Census Bureau.

Explanation / Answer

For figure, you can use box plot which give sufficient information about the data is distributed symmertrical or not and give five number summary. Its tells the lower and upper share of income. We also plot this as time series plot where data is analysis by 4 quarters in a years.

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