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I am seeking an explanation for how to answer this question and will add any photos to help 2. Recall homework 2 where we started

I am seeking an explanation for how to answer this question and will add any photos to help

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2. Recall homework 2 where we started the process of calculating a Gini Coefficient for the City of Detroit using ACS 5-year data for the year 2022. | took my data from that homework. You do not need to revisit those data; you have everything you need here. Recall that the data have ten household income categories. To make things simple, | collapsed the data into three categories. Here are the data. (If someone wishes to go over the original data to confirm that | got this correct, that would be great). Table xx. Income distribution among households in Detroit in 2022. Percent of households Percent of income earned by households 0 0 359 8.2 41.5 35.7 22,6 56.1 Source: American Community Survey, S-year data, Income in the past 12 months (In 2019 inflation-adjusted dollars), Table 51901, downloaded from data.census.gov and collapsed into three categories. 11 collapsed the first three categories for \"percent of households\" and corresponding \"percent of income\" into one category; likewise for the next 3 categories; and likewise for the final 4 categories. But these are details that you do not need to bother yourself with. The two zeros in the first row are important because you will need them to plot the Lorenz Curve in Excel. Here is how to plot the Lorenz Curve in Excel: Insert>Charts=>X Y (Scatter)> Scatter and Straight Lines with Markers (if you are presented with selections). Be absolutely sure to place the cumulative percent of households on the X-axis and the cumulative percent of income earned by households on the Y-axis. You should end up with a graph that looks like the figure below. (It is a jpeg image, so you really will have to recreate it in Excel.) 100.0 75.0 50.0 25.0 0.0 0.0 25.0 50.0 75.0 100.0 * |am skipping some elements on the graph because | want you to do it. * The diagonal like of equality is not required to determine the Gini coefficient, but please include it in the graph. Deliverables: a. Turnin a professional grade Lorenz Curve created in Excel and pasted into a pdf file. Include the diagonal line on the graph. b. Calculate the Gini coefficient. Write a short (2 to 3 sentences will be sufficient) paragraph on the Gini coefficient that you calculated; no other particular formatting is required for part b

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