Question

Asked May 14, 2019

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Suppose a Lorenz curve for a particular country is

f(x)=x^{6} for 0≤x≤1.

What is the Gini index of income concentration for this country? Give your answer to the nearest integer

Step 1

The Lorenz curve of a particular country is given as

Step 2

The Gini index is required which is the area between the actual income distribution curve and the line of perfect equality that is scaled to a number between 0 and 1.

The line of perfect equality is *y = x*.

Obtain the graph as follows.

Step 3

Perform integration and obtain the area...

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