What do you mean by Lorenz? state one use of Lorenz curve
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Merits of Lorenz Curve is:-
1. This is a cummulative percentage curve.
2. The extent of deviation of the actual distribution from the equal distribution is called Lorenz coefficient.
a graph on which the cumulative percentage of total national income (or some other variable) is plotted against the cumulative percentage of the corresponding population (ranked in increasing size of share). The extent to which the curve sags below a straight diagonal line indicates the degree of inequality of distribution
1. This is a cummulative percentage curve.
2. The extent of deviation of the actual distribution from the equal distribution is called Lorenz coefficient.
a graph on which the cumulative percentage of total national income (or some other variable) is plotted against the cumulative percentage of the corresponding population (ranked in increasing size of share). The extent to which the curve sags below a straight diagonal line indicates the degree of inequality of distribution
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