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Descriptive Statisticshard
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A small economy consists of 5 individuals with incomes {10,10,10,10,60}\{10, 10, 10, 10, 60\}{10,10,10,10,60}. What is the Gini coefficient of inequality for this income distribution? (Use the formula G=∑i=1n∑j=1n∣xi−xj∣2n2xˉG = \frac{\sum_{i=1}^n \sum_{j=1}^n |x_i - x_j|}{2 n^2 \bar{x}}G=2n2xˉ∑i=1n​∑j=1n​∣xi​−xj​∣​).