How might one design a social policy relating to loud fraternity parties? Suppose the frater- nity were taxed an amount, per party, that would just compensate those damaged (leaving them on the same indifference curve with the party and compensation, or without the party and compensation). Suppose further that the fraternities traditionally had two types of parties- either loud rock music/beer bash dancing parties (now subject to tax) or quiet classical back- ground music/wine and cheese conversational parties (not subject to tax). What impact would you expect the tax to have on (a)the overall number of parties and (b)the ratio of beer bashes to wine-and-cheese parties? (Hint: Employ indifference curve analysis.)