Chapter 6.1, Problem 83E

Income distribution. In a study on the effects of World War II on the U.S. economy, an economist used data from the U.S. Census Bureau to produce the following Lorenz curves for the distribution of U.S. income in 1935 and in 1947:

     $\begin{array}{l}f\left(x\right)=x^{2.4}\text{Lorenz curve for }1935\hfill \\ g\left(x\right)=x^{1.6}\text{Lorenz curve for }1947\hfill \end{array}$

Find the Gini index of income concentration for each Lorenz curve and interpret the results.