Question

The congress of the lorence curve with the horizontal and right hand vertical access
would represent.​

Answer 1

Answer:

A Lorenz curve is a graphical representation of income inequality or wealth inequality developed by American economist Max Lorenz in 1905. The graph plots percentiles of the population on the horizontal axis according to income or wealth. It plots cumulative income or wealth on the vertical axis, so that an x-value of 45 and a y-value of 14.2 would mean that the bottom 45% of the population controls 14.2% of the total income or wealth. In practice, a Lorenz curve is usually a mathematical function estimated from an incomplete set of observations of income or wealth.

The horizontal axis (x-axis) of the curve displays the cumulative percent of people in the population (by increasing neighbourhood income quintile group) and the vertical axis (y-axis) displays the cumulative percent of events in the population.

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