Lorenz curve and ginin coefficient Flashcards
1
Q
Lorenz curve and gini coefficient
A
-measures of income inequality
2
Q
Lorenz curve graph
A
-y cumulative percent of income, x cumulative percent of people
-perfect equality line like supply
-closer it is the more equal
3
Q
gini coefficeint calc and meaning
A
-a/a+b where a is difference/ total area beneath line
-0 perfect equality
-1 perfect inequality