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Questions 1.Illustrate and describe in detail the Lorenz curve of an imaginary country X in year 1. 2.Illustrate another Lorenz curve on the same graph

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1.Illustrate and describe in detail the Lorenz curve of an imaginary country X in year 1.

2.Illustrate another Lorenz curve on the same graph for country X but corresponding to year 2. Show that country X's inequality unambiguously increased between year 1 and year 2.

3.Explain how to calculate the Gini coefficient from the Lorenz curve.

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