1. We have the following income distribution for a developed country X (with total population 1 million, income measured in dollars) income population% averge income within group 0-10k 4 4K 10-20k 6 12k 20-30k 30 25k 30-40k 22 35k 40-50k 18 43k 50-150k 15 90k 150-300k more than 300k 4 240K 2000k a) What is the total national income? (in thousands of dollars) How much percentage of national income is owned by the top 5% income earners? (point A) How much percentage of national income is owned by the bottom 40% income earners? (point B) How much percentage of national income is owned by the rest of income earner? b) Draw an over-simplified Lorenz Curve with only point A and point B. Calculate the Gini coefficient. c) What happens to the Lorenz curve if everyone receives the same amount of income?(show on graph) What is the Gini coefficient? What happens if the top 1 percent income owners held 100% of income?(show on graph) What is the Gini coefficient? d) If the poverty line is 20k, what is the poverty rate? What is the poverty gap index? e) If the poverty line is 60% of the median income, which income interval will the poverty line fall in? How should we compare this poverty rate with poverty rate from d) ? why