Saved Bookmarks
| 1. |
Name the steps in drawing Lorenz Curve . |
|
Answer» Solution :To draw a Lorenz Curve, FOLLOW these steps: 1)Gather the data (e.g. census data from two cities) 2) For each set of data, rank the CATEGORIES and order them by rank in a table 3)Convert each value in a % of the total 4)CALCULATE the running totals (ie cumulative %, by adding the % of one line to the ONES before) 5)Graph ranks (horizontal) against cumulative % (vertical) 6) Draw the "even distribution line" running from (rank = 0, % = 0) to (rank = MAX, % = 100%), which represents the line if all the categories were the same size. |
|