Draw and explain the Lorenz Curve and the Gini Coefficient, economics homework help

Business Finance

Draw and explain the Lorenz Curve and the Gini Coefficient.

Why do we use the median wage instead of the mean (average) wage?

What is the significance of the After Tax Gini Coefficient being lower than the Total Gini Coefficient?

What is the effect of higher educational levels on income inequality?

Explain the returns to education ratio and the returns to experience ratio.