Solution:An illustration of income or wealth inequality within a population is the Lorenz Curve. Max O. Lorenz, an economist, made the initial suggestion for the Lorenz Curve in 1905.A graph called the Lorenz Curve contrasts the actual distribution of wealth or income within a community with an equal distribution. The Lorenz Curve's vertical axis shows the cumulative percentage of the overall income or wealth that that same percentage of the population owns, while the horizontal axis reflects the cumulative percentage of the population, sorted from poorest to richest.
The Lorenz Curve would be a straight line at an angle of 45 degrees if everyone in a population had an equal share of wealth or income. The Lorenz Curve will be bent outward, suggesting higher inequality, because the distribution of income or wealth is rarely equal in reality.
In economics, the Lorenz Curve is frequently used to assess the level of wealth or income inequality within a population. The distribution of income or wealth throughout the population is more equal the closer the Lorenz Curve is to the diagonal line of perfect equality. The distribution of income or wealth is more uneven the farther the Lorenz Curve is from the diagonal.