Based on the information above, draw Lorenz Curves for all three leagues on a same chart. Also provide all intermediate-step work leading to your final illustration.

Economics

Question 1: Each league has four teams, and their end-of-season total points are displayed as follows.

American League Asian League European League
Team Points Team Points Team Points
A 34 J 43 W 57
B 53 K 76 X 35
C 78 L 53 Y 67
D 35 M 28 Z 41

Based on the information above, draw Lorenz Curves for all three leagues on a same chart. Mark your graph clearly with necessary information.

Also provide all intermediate-step work leading to your final illustration.

Then, rank the three leagues based on competitive balance, based on the three Lorenz curves only. If you cannot rank all or some of them, you should clearly state so and explain.