What is Gini coefficient?
The Gini coefficient is a measure of the overall extent to which these groupings of households, from the bottom of the income distribution upwards, receive less than an equal share of income.
What is Lorenz curve explain?
A Lorenz curve is a graphical representation of income inequality or wealth inequality. The graph plots the percentiles of the population on the horizontal axis according to income or wealth.
Ans. Gini index 0.2 represents perfect income equality, 0.2-0.3 relative equality, 0.3-0.4 adequate equality, 0.4-0.5 big income gap, and above 0.5 represents a severe income gap. Therefore, the warning level of the Gini index is 0.4.
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