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1. hi di Many universities in Canada are considering implementing or have implemented a fee structure under which different university degree programs might charge very different fees. The University of Regina Students Union has hired you as an economics expert to provide them with some advice on these differential fee structures. There are two systems under consideration. It Some universities are planning to charge higherfees for programs that cost more to produce [e.g. more for medical schools]. It Either universities are planning to charge higherfeesfor programs for which there is higher demand [e.g. business schools or education]. Pick CINE of the TWO systems [whichever you like]. Explaincarefully how the new system would change the decisionmaking of students in a university, and what it would do to the overall offering of courses and majorsover time. From an efficiency viewpoint for society, is this system an improvement compared to the most prevalent current system in Canada, where all courses are charged identical fees? Be sure to explainyour reasoning fully and completely. From a fairness or equity viewpoint for society, which method [the one you picked or no fee differentials by courses] would you argue is better? Provide some supporting arguments for your opinion. [Do not try and guess what my opinion is, that is not relevant] What do you recommend to the StudenE Union? Is the potential system you chose in part a] a good system for students [as opposed to society]? Justify your answer.]