What are main merits of lorenz curve?
Answers
Answer:
The graph can also be used for showing comparisons in other systems of production. The Lorenz curve is normally used by the government for finding out techniques of assessing the inequality of 'wealth' distribution in the country. It is a method that helps them to find methods of taking care of problem
Answer:
The graph can also be used for showing comparisons in other systems of production. The Lorenz curve is normally used by the government for finding out techniques of assessing the inequality of 'wealth' distribution in the country. It is a method that helps them to find methods of taking care of problem.
●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.
●In such use, many economists consider it to be a measure of social inequality.
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