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Chapter 15: Q.23 (page 378)

What is measured on the two axes of a Lorenz

curve?

Short Answer

Expert verified

Cumulative percentage of population and cumulative portion of income.

Step by step solution

01

Step 1. Lorenz curve

it's a Graphical way of studying dispersion, Lorenz curve, was first used to measure the inequalities of income in society, the greater distance of the curve from the line of equality distribution more is the inequality in its series

02

Step 2. Measures

  • X- axis is horizontal axis shows cumulative percentage population.
  • Y-axis is Vertical axis shows cumulative portion of income.

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