Question
Asked May 14, 2019
30 views

Suppose a Lorenz curve for a particular country is

f(x)=x6 for 0≤x≤1.

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

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Expert Answer

Step 1

The Lorenz curve of a particular country is given as

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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.

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Step 3

Perform integration and obtain the area...

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Tagged in

Math

Calculus