A Lorenz curve is a graphical representation of wealth distribution among a population. Conduct research to learn more about the Lorenz curve and answer the following questions. Draw a Lorenz curve...

A Lorenz curve is a graphical representation of wealth distribution among a population. Conduct research to learn more about the Lorenz curve and answer the following questions.

• Draw a Lorenz curve and label the following components: Lorenz curve, income inequality line, total population and total income.


• Explain the shape of the curve in terms of income distribution, i.e. what happens to income inequality as you move along the Lorenz curve?


• Explain the concept of economic mobility as it relates to the Lorenz curve.