:1. Suppose the $390,000 of lobbying does lead to a change in government policy. Now what is

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:1. Suppose the $390,000 of lobbying does lead to a change in government policy. Now what is the social cost of the rent seeking? In the case where the policy is a pure lumpsum redistribution of money from taxpayers to farmers, the overall cost of the lobbying 'l' $390,000. lfthe change in policy assists pig farmers in a distortionary manner, then the cost of the lobbying E $390,000

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:1. Suppose the $390,000 of lobbying does lead to a change in government policy. Now what is

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