(Answered) Suppose youre an economist working for the brookings

Economics

Suppose you're an economist working for the Brookings Institute and you've been asked to comment on what you see as a diverging level of inequality among representative households in two neighboring nations: Mira and Drovanna. You have the following information about these nations' households for 2014 (income values in 2014 US dollar equivalencies):

Mira	Drovanna
16000	28000
11000	32000
9000	56000
18000	43000
15000	88000
126000	36000
22000	27000
31000	61000
10000	59000
12000	48000

The Brookings Institute is about to recommend one of these nations to the World Bank as a nation deserving of additional development funds due to its significant need to close its income gap, the other will be recognized for its relatively low level of income inequality.

Question 1: Provide a fully articulated Lorenz Curve Model showing each of these two nations (both on the same model).

Question 2: What is the Gini Coefficient for Mira? (Remember to convert all percentage to decimal equivalents and to carry to the fourth decimal for high accuracy)

Question 3: What is the Gini Coefficent for Drovanna?

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