In recent decades, there has been a significant increase in research focused on dependability across various fields, including survival analysis, failure rates, generalized measures of failure, and related characteristics. A strong connection exists between the generalized failure rate and the economic concept of elasticity. Sensitivity analysis employs this ratio to assess how changes in an input variable affect an output variable. We apply this ratio to evaluate the sensitivity of an output variable in response to changes in an input variable. In this article, we explain the elasticity function of an economy and its implications for reliability. We will also explore how this function relates to dependable and unequal economic indicators. Furthermore, we will discuss various extensions of Lorenz curves, which are instrumental in understanding measures of inequality. Our focus has been on Lorenz curve elasticity and its connections to distorted and extended forms of warped curves. Keywords: Income distribution, Inequality measurement, Truncated

Keywords