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Lorenz Curve is a probability distribution curve which is used for measuring variability of a statistical series. This curve was developed by Max Lorenz in 1905. The curve is very popular in Economics for measuring the distribution of wealth and income in the society.
Lorenz Curve measures the standard deviation of an actual distribution from the line of equal distribution. Put it simply, it measures the deviation of a present distribution from an imaginary or hypothetical distribution.
The difference between the actual distribution and the hypothetical distribution or the extent of deviation is known as Lorenz Coefficient. The greater the difference or deviation of Lorenz Coefficient, the greater is the inequality or variability in the distribution. In the same way, if the difference is lower in comparison then it can be said that the inequality or variability in the distribution is lower.
Constructing a Lorenz Curve
Here are the steps for the construction of Lorenz Curve
Application of Lorenz Curve
Lorenz Curve is applied in number of studies or subjects. One of the subjects where Lorenz Curve has been applied more is in economics. In economics, Lorenz Curve is used for studying income distribution, wealth distribution, wage distribution, profit distribution, production distribution and population distribution, etc.
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At Help With Assignment, our Statistics tutors and Economics tutors offer good explanation for Lorenz Curve and its applications in different areas. Our Statistics assignment help and Statistics homework help covers all of the probability distribution curves in Statistics and Lorenz Curve is one of them. Lorenz Curve is taught by our tutors who’d explain the concept behind Lorenz Curve, the need for preparing Lorenz Curve, the method for preparing Lorenz Curve, etc along with its advantages and disadvantages as well.
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