In the Eat-Out-to-Help-Out scheme, the UK government subsidised restaurant visits on Mondays, Tuesdays and Wednesdays between the 3rd and the 31st August 2020 by paying up to 50% of the bill for food and non-alcoholic drinks at participating restaurants. The scheme only applied to guests who dined in (rather than buying takeaway food). Discuss the scheme from an economic perspective along the following lines: a) Compare private and social benefits, and costs of eating out during a pandemic before the introduction of the scheme. [15 Marks] b) Use your result from (a) to compare people's incentives to eat out with the socially efficient extent of people eating out [5 Marks] c) How did the Eat-Out-to-Help-Out scheme change this comparison? [10 Marks] d) Determine the impact that, according to economic theory, the scheme might have had on infection rates. [10 Marks] e) Make an overall assessment of the scheme, taking into account your analysis so far and potential effects of the scheme on opening other parts of society and the economy. [10 Marks] [Total 50 Marks] In the Eat-Out-to-Help-Out scheme, the UK government subsidised restaurant visits on Mondays, Tuesdays and Wednesdays between the 3rd and the 31st August 2020 by paying up to 50% of the bill for food and non-alcoholic drinks at participating restaurants. The scheme only applied to guests who dined in (rather than buying takeaway food). Discuss the scheme from an economic perspective along the following lines: a) Compare private and social benefits, and costs of eating out during a pandemic before the introduction of the scheme. [15 Marks] b) Use your result from (a) to compare people's incentives to eat out with the socially efficient extent of people eating out [5 Marks] c) How did the Eat-Out-to-Help-Out scheme change this comparison? [10 Marks] d) Determine the impact that, according to economic theory, the scheme might have had on infection rates. [10 Marks] e) Make an overall assessment of the scheme, taking into account your analysis so far and potential effects of the scheme on opening other parts of society and the economy. [10 Marks] [Total 50 Marks]