The term obtained by dividing the area of inequality shown by a Lorenz curve by the area of the right-triangle formed by the axes and the diagonal (the line of equality).

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A: Lorenz curve is the curve which shows inequality in the economy, it could be income inequality or…

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Q: Item#1 Draw the Lorenz curve and compute the Gini index of a group whose incomes are 25, 32, 60, 40,…

A: The provided data set is: 25, 32, 60, 40, 38, 50

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A: Income inequality is the wide gap between the money earned by the richest people in an economy when…

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A: The correct answer is given in the second step.

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Q: draw the Lorenz curve and compute the Gini index of a group whose incomes are 25, 32, 60, 40, 38, 50

A: The provided data set is: 25, 32, 60, 40, 38, 50

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A: Lorenz curve is a curve of distribution of income with an economy.

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Q: Why would income inequality be as damaging as poverty?  Explain each concept.

A: Income inequality refers to the unequal distribution of income among the population. This implies…

Q: Q8.4)   Formula for Gini Coefficient from Lorenz Curve A / A + B What does the A and B represent?

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Q: What is income inequality?

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Q: Lorenz curves of two different countries stylistically called ‘red’ and ‘green’.

A:

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A: Gini coefficient is a statistical tool to measure income inequality within a nation. Its value…

Q: Identify some public policies that can reduce the level of economic inequality

A: Economic inequality refers to presence of disparities among wealth and incomes of individuals.