Question 1 Assume emplovers pay their H-2A workers the Adverse Effect Wage Rate but they are facing a shortage of skilled workers. Use the most relevant terms covered on this exam to address the following questions a. What type of policy is the Adverse Effect Wage rate? You do not need to explain it Points out of 4.00 b. Given the information above. how would you assess the Adverse Effect Wage Rate in terms of consumer and producer surplus and deadweight Flag question loss. c. How would you adjust the Adverse Effect Wage Rate to address the shortage of skilled workers? B IQuestion 2 The following is an excerpt from a newspaper article: "In New York City, rising fares on Uber and Lyft boosted demand for yellow cabs." Not yet a What elasticity concept is most relevant to this excerpt? Explain your answer in one sentence answered b. Given your answer in part a, what can you say about the sign of the elasticity measure? Explain your answer in one sentence Points out of 2.00 Flag Question 1 A B SSQuestion 3 Using the most relevant concepts covered in this exam, explain why the quantity demanded of Good X increases when the price of Good X decreases Not yet answeres Points out of A B I 1.00 Flag questionQuestion 4 Not yet You love basketball and football. The table below shows the utility you receive from each. The price of a football ticket is $5 and the price of a answered basketball ticket is $10 and you have $50 to spend Points out of 4 00 Fing qunation Quantity of Football Tickets Utility from Football Tickets Quantity of Basketball Tickets Utility from Basketball Tickets 0 0 70 80 130 N - 150 180 210 220 260 10 250 300 a Would you purchase a football ticket first or a basketball ticket first? Just enter basketball or football as your answer Basketball b. Calculate the Marginal Utility per dollar spent on football tickets if you purchase two football tickets. Do not use dollar signs and round to 2 decimal places if necessary c. Using the optimal consumption rule, how many basketball tickets will you purchase to maximize your utility? Round to 2 decimal places if necessary. d. Using the optimal consumption rule, how many football tickets will you purchase to maximize your utility? Round to 2 decimal places if necessary