Short Answer Lesson 12 Directions: Print out this homework question, complete the exercise on the printed out page, scan and turn in the answer prior to the date due. 1. Below is a hypothetical breakdown of the income distribution in a country. Use those calculate what should be graphed on the Lorenz curve and then sketch a Lorenz curve for those given numbers. Using that Lorenz curve show how a Gini coefficient would be calculated and explain what the values of the Gini coefficient mean. (you do not have to calculate the Gini, just describe how you could do so)? (10 points) Quintile Percent of GDP Received Bottom 20% 4 Lower Middle 20% 8 Middle 20% 16 Upper Middle 20% 20 Top 20% 52