Explain the construction of Lorenz curve taking an imaginary set of data.
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In economics, the Lorenz curve is a graphical representation of the distribution of income or of wealth. It was developed by Max O. Lorenz in 1905 for representing inequality of the wealth distribution. ... The percentage of households is plotted on the x-axis, the percentage of income on the y-axis.
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Lorenz curve taking an imaginary set of data.
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