In an effort to make the distribution of income more nearly equal, the government of a country passes a tax law that changes the Lorenz curve from y = 0.95x^2.1 for one year to y = 0.34x^2 + 0.66x for the next year. Find the Gini coefficient of income for both years. (Round your answers to three decimal places.) before after
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The Gini coefficient is a measure of inequality derived from the Lorenz curve, where 0 represents perfect equality (everyone has the same income) and 1 represents perfect inequality (one person has all the income, and everyone else has none). Show more…
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