2. Assume that Al, Beth, Carol, David, and Ed receive incomes of $500, $250, $125, $75, and...
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2. Assume that Al, Beth, Carol, David, and Ed receive incomes of
$500, $250, $125, $75, and $50, respectively. Construct and interpret a Lorenz curve for this five-person economy. What percentage of total income is received by the richest quintile and by the poorest quintile? LO23.1
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