A nearby town has a population of 10,000 people. All people in this town make cractly the same income of 50 thousand CAD per year. Imagine repeating the same steps as in Problem 1 for this town. (a) What would the list of all yearly incomes look like (in units of thousands of CAD)? (b) Now fill in the chart below. All numbers should be decimal values between 0 and 1; you may round to the nearest hundredth. Lowest-earning fraction 0.0 0.2 0.4 0.6 0.8 1.0 Fraction of income made by lowest-earning fraction I (c) Now plot the 5 points from the table and then proceed to draw the full Lorenz curve, which is the full graph of y = L(a) for all between 0 and 1. 9 y=L(*) 1.0 7 0.8 0.6 0.4 0.2 0 0 0.2 0.4 0.6 0.8 1.0 A nearby town has a population of 10,000 people. All people in this town make cractly the same income of 50 thousand CAD per year. Imagine repeating the same steps as in Problem 1 for this town. (a) What would the list of all yearly incomes look like (in units of thousands of CAD)? (b) Now fill in the chart below. All numbers should be decimal values between 0 and 1; you may round to the nearest hundredth. Lowest-earning fraction 0.0 0.2 0.4 0.6 0.8 1.0 Fraction of income made by lowest-earning fraction I (c) Now plot the 5 points from the table and then proceed to draw the full Lorenz curve, which is the full graph of y = L(a) for all between 0 and 1. 9 y=L(*) 1.0 7 0.8 0.6 0.4 0.2 0 0 0.2 0.4 0.6 0.8 1.0