1 Policy Application: Slave Redemption Watch the rst 9 minutes of the video and answer the following questions: (a) The slave redemption policy can be thought of as a righth shift in the demand curve: more slaves are demanded at any given price. Why does this increases the incentives of slave captors to capture more slaves? [Hint: slave captorsI make money by selling the slaves, which depends on the price of slaves] {2 points] (h) The presenter contrasts the effects of the redemption policy under two scenarios: [a] when the supply is inelastic {i.e., the supply curve is vertical) and [b] when the supply is more elastic [i.e., the supply curve is upwardssloping}. How many slaves are captured in {i} the initial equilibrium [ii] the equilibrium after the redemption policy in which the supply is inelastic and {iii} the equilibrium after the policy in which the supply is elastic. {Hint}: yes, you just need to give me three numbers! Hinth}: remember that not all of the slaves that are captured are held in captivity {some are sold via the redemption policy and hence freed\" [3 points] [c] How many slaves are held in captivity in {i} the initial equilibrium [ii] the equilibrium after the redemption policy in which the supply is inelastic and {iii} the equilibrium after the policy in which the supply is elastic. [Hint{l}: yes, you just need to give me three numbers! Hint[2}: remember that not all of the slaves that are captured are held in captivity [some are sold via the redemption policy and hence freedj] [3 points] [d] Which of the two sc-arios under the redemption policy is more effective? Say which and explain why. [Hint: by most ei'fective I mean minimizes the number of slaves held in captivity]. [4 points] [e] Suppose that the supply curve was perfectly elastic {i.e., a straight line at $15]. Describe what would be the impacts of the redemption program [Hint: you may want to come back to this question after answering question 2] [4 points] [1'] The presenter said that in the Sudan, the redemption program worked better in the shortrun than the longrun. What does he think is the reason for that"? [2 points]