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Explain what you understand by the Lorenz Curve and Gini Coefficient.

The Gini Coefficient measures the area between the Lorenz curve and the line of absoluate equality in an economy. The bigger the Gini Coefficient, the greater the inequality in a single country. Fiscal policy can help redistribute income and reduce inequality through taxation of high earners and welfare to those on lower incomes.

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Explain what you understand by the Lorenz Curve and Gini Coefficient.

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Explain what you understand by the Lorenz Curve and Gini Coefficient.

Related Economics A Level answers

Explain the importance of low interest rates in bringing about a recovery from recession in an economy like the UK. (10)

'Is Economic growth purely beneficial?'

Integrate the function f(x) = (1/6)*x^3 + 1/(3*x^2) with respect to x, between x = 1 and x = 3^(1/2), giving your answer in the form a + b*3^(1/2) where a and b are constants to be determined.

(a) Explain what is meant by monopoly and, using a diagram, explain why a monopoly may have lower average costs of production than a firm in perfect competition. [10]

We're here to help

Company Information

Popular Requests

© MyTutorWeb Ltd 2013–2025

CLICK CEOP

Integrate the function f(x) = (1/6)x^3 + 1/(3x^2) with respect to x, between x = 1 and x = 3^(1/2), giving your answer in the form a + b*3^(1/2) where a and b are constants to be determined.