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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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