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This assignment covers welfare analysis, monopoly, monopsony, and price discrimination. Please answer the questions below, which are related to Chapters 9 through 11 of P&R. Beyond reviewing the material from class, the problem sets are intended to develop the ability to apply the concepts from class to new situations. You are encouraged to collaborate with others, to research sources outside of class, and to ask questions during oce hours. However, you must write up your responses individually.

You should explain all of your answers in detail. Your score will depend on both the correctness of your solutions and the completeness of your explanations. Please write the question number next to your answer for each question.