What is the L-Curve?

Answer 1

The L-Curve is a graphical representation used in various fields, including economics and statistics, to illustrate the relationship between two variables. In the context of economics, it often depicts the trade-off between income inequality and economic growth, showing how countries with lower inequality may experience different growth outcomes. The curve typically shows a downward slope, indicating that as one variable increases, the other decreases. Additionally, in statistical contexts, the L-Curve can highlight the relationship between model complexity and goodness of fit, helping to identify overfitting in data analysis.