Imagine an economy with two types of wealth: equity (stocks) and owner- occupied housing. As discussed in class, the rental value of housing that home- owners receive (imputed rent) is not taxed in the U.S.! Income from equity (dividends and realized capital gains) are taxed. Suppose we have the following data (which I mostly made up): e From the national accounts: the total market capitalization of the stock market (value of equity) is $85 trillion e Also from the national accounts: the total value of the housing stock is $21 trillion e From IRS tax returns (using the capitalization method): the Lorenz curve for equity wealth: Quartile of Wealth Distribution Cumulative Share of Equity (Lorenz) p0 - p25 0 p25 - p50 0.1 p50 - p75 0.3 p75 - pl100 1 e From survey data: the Lorenz curve for housing wealth: Quartile of Wealth Distribution Cumulative Share of Housing Wealth p0 - p25 0.1 p25 - p50 0.3 p50 - p75 0.6 p75 - pl00 1 Using this data, compute the amount of total wealth controlled by each quartile of the wealth distribution