Question
f. What is the smallest interval
on which values of the
ini index lie for
with
?
The minimum value of
is 0 and the maximum value of
is 1 .
Which endpoints of
correspond to the least and most equitable distribution of wealth?
corresponds to the least equitable and
corresponds to the most equitable distribution of wealth.
The minimum value of
Which endpoints of
Ask by Henry Dickson. in the United States
Jan 27,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
The smallest interval for the Gini index
is
.
-
represents the least equitable distribution of wealth. -
represents the most equitable distribution of wealth.
So, the endpoints are:
-
for the least equitable distribution. -
for the most equitable distribution.
Solution
The Gini index measures the inequality of a distribution, such as income or wealth distribution, and it ranges between 0 and 1:
- 0 represents perfect equality, where everyone has the same wealth.
- 1 represents maximal inequality, where one individual has all the wealth, and everyone else has none.
Given the function
with
, the smallest interval
on which the Gini index
lies is:
Within this interval:
-
corresponds to the least equitable distribution of wealth. This means that wealth is concentrated in the hands of a single individual or a very small group, with everyone else having little to none. -
corresponds to the most equitable distribution of wealth. In this scenario, wealth is perfectly evenly distributed among all individuals, with no disparities whatsoever.
So, the filled-in statements are:
Summary:
- Smallest Interval for
: - Least Equitable Distribution:
- Most Equitable Distribution:
Final Statement:
The smallest interval is [0, 1]. G = 1 corresponds to the least equitable distribution of wealth and G = 0 corresponds to the most equitable distribution of wealth.
Answered by UpStudy AI and reviewed by a Professional Tutor
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Extra Insights
The smallest interval
for the Gini index
when evaluating the function
with
is
. The minimum value
signifies a perfectly equitable distribution of wealth, where everyone has the same income. On the other hand, the maximum value
indicates a completely inequitable distribution, where one person has all the income and everyone else has none.
Thus,
corresponds to the least equitable distribution and
corresponds to the most equitable distribution of wealth.