Solved: Graph the lorenz curve and calculate the gini coefficient, Business Management

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Graph the lorenz curve and calculate the gini coefficient

1. Consider an economy with the following income distribution: Each person below the 25th percentile of the income distribution earns $15,000. Each person between the 25th and 50th earns $30,000. Each person between 50th and 75th earns $45,000. And each person between the 75th and 100th percentiles receives $60,000. Graph the Lorenz curve and calculate the Gini coefficient for this economy?

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Business Management: Graph the lorenz curve and calculate the gini coefficient

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