Lorenz Curve 100- 80 - 70 80 50 - 40- 30 20- 10 - 0 10 20 30 40 50 60 70 80 90 100 8. Total personal income in the United States totaled $20 Trillion in 2020. The breakdown was as follows: (15 points) Bottom 20% of population earned $1 Trillion Next 20% of the population cared $2 Trillion Next 20% of the population earned $3 Trillion Next 20% of the population earned $4 Trillion Top 20% of the population earned $10 Trillion a. Draw a Lorenz Curve assuming perfect equality, that is: Bottom 20% of population earned $4 Trillion Next 20% of the population earned $4 Trillion Next 20% of the population earned $4 Trillion Next 20% of the population earned $4 Trillion Top 20"% of the population earned $4 Trillion Label this curve A. b. Next draw a Lorenz curve assuming the distribution presented at the beginning of this question. Label this curve B Now assume Congress passes a tax on the top 20" s and reduces the income of the top 20% by $4 Trillion and increasing the income of the each of the lower un Er groups by $1 Trillion each. so the bottom 20%% has $2 Trillion, the next 20% has $3 Trillion ete. Draw a new Lorenz curve and label this curve C