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Suppose society consists of fifteen single individuals. Their incomes are as follows: Income 100000 80000 110000 75000 15000 135000 25000 45000 95000 35000 85000 70000
Suppose society consists of fifteen single individuals. Their incomes are as follows: Income 100000 80000 110000 75000 15000 135000 25000 45000 95000 35000 85000 70000 150000 90000 60000 a. The Lorenz Curve for this particular society is pasted below. Label the Lorenz curve and the line of perfect equality. Provide a geometric definition of the Gini coefficient below. What is the Gini Coefficient equal to if the Lorenz Curve is on the line of perfect equality? If one person owned all the wealth in this society, (perfect inequality), what would the Gini Coefficient be equal to
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