QuestionI need step by step formulas and how to resolve: Locate historical… I need step by step formulas andhow to resolve: Locate historical income data showing the share of aggregate income received by each quintile for the United States for 1970, 1980, 1990, 2000, 2010, and 2018. Use this data to calculate what the points on a Lorenz curve would be, and graph the Lorenz curves for each year in the same chart. How did inequality in the United States shift over this time period? How can you see the patterns in the quintiles in the Lorenz curves?BusinessEconomicsMicroeconomicsECO 2023

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