Lorenz curve and ginin coefficient

Question 1

Lorenz curve and gini coefficient

Answer 1

-measures of income inequality

Question 2

Lorenz curve graph

Answer 2

-y cumulative percent of income, x cumulative percent of people
-perfect equality line like supply
-closer it is the more equal

Question 3

gini coefficeint calc and meaning

Answer 3

-a/a+b where a is difference/ total area beneath line
-0 perfect equality
-1 perfect inequality