A Lorenz curve is given by y L x where 0 x 1 represents the

Last updated: 1/20/2024

A Lorenz curve is given by y L x where 0 x 1 represents the lowest fraction of the population of a society in terms of wealth and 0 y 1 represents the fraction of the total wealth that is owned that fraction of the society Use this information to complete parts a through g Click the icon to view an example of a Lorenz curve a A Lorenz curve y L x is accompanied by the line y x called the line of perfect equality Explain why this line is given this name Choose the correct answer below OA The lowest 50 of households own 60 of the wealth OB The lowest 50 of households own 100 of the wealth OC The lowest p of households owns exactly 1 p of the wealth for 0 p 100 D The lowest p of households owns exactly p of the wealth for 0 sp 100