Part 1: Plotting a Lorenz Curve - Section 15.4 & 15.5 Population Alpha's Share Beta's Share of Quintiles of Income % Income % lowest20% | 5 | @03 [Second20% | 10 | 6 [ Third20% | 20 | 12 Fourth20% | 30 | 24 Highest20% | 35 | 55 | The above table shows the distribution of income in two imaginary countries, Alpha and Beta. The share of income of each quintile is given for Alpha and Beta. 1. (2 points) Add a column of Cumulative Share of Income for Alpha and a column for Beta in the table. Fill the new columns with the cumulative percentage for both countries. (Refer to OpenStax Table 15.6 Calculating the Lorenz Curve) (Box will expand as you type) 2. (2 points) Use a graph panel and draw/plot the Lorenz curves for Alpha and Beta. (Box will expand as you type) 3. {1 point) Compare the distribution of income in Alpha with that in Beta. Which distribution is more unequal?. (Box will expand as you type) 4. (2 points) For a country with perfect income equality, what will the distribution of income be like? (Box will expand as you type) Part 2: Income Distribution - Section 154 & 15.5 A group of 10 people have the following annual incomes: $55,000, $30,000, $15,000, $20,000, $35,000, $80,000, $40,000, $45,000, $30,000, $50,000. 1. (2 points) Calculate the percent share of income of each quintile for this group of people. (Box will expand as you type) 2. (1 point) Calculate the cumulative share of income for the quintiles. (Graphing of a Lorenz Curve is not required). (Box will expand as you type)