. = = Assume: Society has a utilitarian Social Welfare Function (SWF) Each individual's utility function is represented by: U = VC, where C = consumption = income Ten percent (10%) of citizens are single mothers with initial income of $10,000. Ninety percent (90%) of citizens have an initial income of $50,000. Next, suppose a new policy cuts the TANF benefit, which leads to single mothers' income to drop to $5,000, but the income of everyone else increases to $51,000. 0 A. Compute Total Social Efficiency (TSE) and Total Social Welfare (TSW), pre- and post-new policy. (Hint: TSE is to be calculated as a weighted average of incomes; TSW is the weighted average of income (= consumption); TSW is to be calculated as a weighted average of the square root of income (= consumption)]. B. Evaluate the societal effects of the new policy, in terms of overall changes (level and percentage rate) and by comparing the effects of the policy change on the different groups of citizens. . = = Assume: Society has a utilitarian Social Welfare Function (SWF) Each individual's utility function is represented by: U = VC, where C = consumption = income Ten percent (10%) of citizens are single mothers with initial income of $10,000. Ninety percent (90%) of citizens have an initial income of $50,000. Next, suppose a new policy cuts the TANF benefit, which leads to single mothers' income to drop to $5,000, but the income of everyone else increases to $51,000. 0 A. Compute Total Social Efficiency (TSE) and Total Social Welfare (TSW), pre- and post-new policy. (Hint: TSE is to be calculated as a weighted average of incomes; TSW is the weighted average of income (= consumption); TSW is to be calculated as a weighted average of the square root of income (= consumption)]. B. Evaluate the societal effects of the new policy, in terms of overall changes (level and percentage rate) and by comparing the effects of the policy change on the different groups of citizens