Lorenz curves also can be used to provide a relative measure of the distribution of the total assets of a country. Using data in a report by the economic committee of a certain country, an economist produced th following Lorenz curves for the distribution of total assets in the country in 1963 and 1983, shown below. f(x) = x Lorenz curve for 1963 g(x) = x12 Lorenz curve for 1983 Find the Gini index of income concentration for each Lorenz curve and interpret the results. What is the Gini index for 1963? (Round to three decimal places as needed.)
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![Lorenz curves also can be used to provide a relative measure of the distribution of the total assets of a country. Using data in a report by the economic committee of a certain country, an economist produced the following Lorenz curves for the distribution of total assets in the country in 1963 and 1983, shown below.
\[ f(x) = x^7 \] Lorenz curve for 1963
\[ g(x) = x^{12} \] Lorenz curve for 1983
Find the Gini index of income concentration for each Lorenz curve and interpret the results.
**What is the Gini index for 1963?**
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(Round to three decimal places as needed.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc982bc3f-99f0-4b2c-9f40-dc92d0e6c3f8%2F0f913ba8-4865-4921-80b9-ccebe0da23eb%2Fcpjkyod_processed.png&w=3840&q=75)
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