In this video, we dive deep into the concept of the Lorenz Curve, a powerful tool used to illustrate income distribution within a population.
Key Points Covered:
1. Introduction to Lorenz Curve: We'll start by explaining what the Lorenz Curve is and why it's important in understanding economic disparities.
2. Graphical Representation: We'll walk you through how the Lorenz Curve is graphed and interpreted
3. Other Questions : Can Lorenz curve become flatter as we move from left to right ? How does it measure inequality ? What is Lorenz criterion ? Can Lorenz curves intersect and still follow Lorenz criterion ? Does Lorenz criterion also fulfill other criterion such as population, relative income, anonymity, and Dalton criterion
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