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II. Long Answer 1 points) Figure I plots the distribution of income on the moon. Use the information in the figure to answer the following questions Figure 1: Distribution of Income on the Moon 0.757 Fraction of the population 0.25 $4. $ 40 Income (a) What is the share of income that accrues to the top 10 percent of the population on the moon? Leave your answer as a fraction. Show all of your work so that you are not penalized for a math error. (b) Use the axes in Figure 2 to plot the Lorenz, curve for the moon. Label your axes and Inbel the sandy coordinates of the endpoints and any kink points on your curve. Figure 2: Lorenz Curve for the moon (e) Draw the line of perfect equality on axes in Figure 2. Label it line of perfect equality." (d) Shade the area in Figure 2 that the Gini coefficient is designed to measure. You do not need to calculate the Gini coefficient. (e) Suppose the government on the moon institutes a regressive income tax that redistributes income from the poor to the rich. i. On the axes in Figure 2, sketch the new Lorenz curve for this economy. Label your curve "Lorenz curve part e". You do not need to label any points on this Lorenz curve. ii. How would this policy affect the share of income that accures to the top 10 percent of the population? Answer in one or two words (e.g., increase, decrease, no change) II. Long Answer 1 points) Figure I plots the distribution of income on the moon. Use the information in the figure to answer the following questions Figure 1: Distribution of Income on the Moon 0.757 Fraction of the population 0.25 $4. $ 40 Income (a) What is the share of income that accrues to the top 10 percent of the population on the moon? Leave your answer as a fraction. Show all of your work so that you are not penalized for a math error. (b) Use the axes in Figure 2 to plot the Lorenz, curve for the moon. Label your axes and Inbel the sandy coordinates of the endpoints and any kink points on your curve. Figure 2: Lorenz Curve for the moon (e) Draw the line of perfect equality on axes in Figure 2. Label it line of perfect equality." (d) Shade the area in Figure 2 that the Gini coefficient is designed to measure. You do not need to calculate the Gini coefficient. (e) Suppose the government on the moon institutes a regressive income tax that redistributes income from the poor to the rich. i. On the axes in Figure 2, sketch the new Lorenz curve for this economy. Label your curve "Lorenz curve part e". You do not need to label any points on this Lorenz curve. ii. How would this policy affect the share of income that accures to the top 10 percent of the population? Answer in one or two words (e.g., increase, decrease, no change)