Question
What is a Lorenz curve? What does it show?
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Answer
This is a modification of the Ogive when the variables and the cumulative frequencies are expressed as percentages. It serves to measure the evenness of the distribution and is useful in picturing the distribution and dispersion of wealth, sales and profits etc. If we get a line which is a diagonal of the square, it implies that variable is evenly distributed amongst population. Farther is the line from this diagonal, higher is the inequality and vice versa.
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Similar questions
How is equilibrium price of a commodity affected by change in its supply?
A department store sells stereo systems, television sets and radios. The percentage distribution of the total sales volume (in ₹) is estimated as 30% stereos, 50% televisions and 20% radios. The price of one stereo, one television and one radio in 2009 was ₹ 20,000, ₹ 15,000 and ₹ 500 respectively, while their respective price in 2012 were ₹ 25,000, ₹ 20,000 and ₹ 800.
A weighted price index for 2012 with base 2009 is to be computed.
A weighted price index for 2012 with base 2009 is to be computed.
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Subsidies on food, fertilisers, export promotion and others given by the government are shown in the table below (in crores). Represent the data diagrammatically.
|
Year
|
Food
|
Fertilsers
|
Export Promotion
|
Others
|
Total
|
|
2006-07
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2000
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1897
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788
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891
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5576
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2007-08
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2200
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2210
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960
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909
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6279
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2008-09
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2300
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3000
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1091
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Explain the concept of supply with the help of a table and figure.
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Price elasticity of demand is found to be (-) 2. Price falls from ₹10 per unit to ₹8 per unit. Find the percentage change in quantity demanded.
Calculate the cost of living index from the following data:
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Iteam
|
Price
|
Weight
|
|
|
Base Year
|
Current Year
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||
|
Food
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30
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47
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4
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|
Fuel
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8
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12
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1
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|
Cloth
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14
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18
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3
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House Rent
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22
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15
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2
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Miscellancous
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25
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30
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1
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Define demand. State the factors affecting demand for a commodity by a consumer-