Elucidate its advantages and disadvantages

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Q1. Develop Illustrate what you would consider to be a "fair" tax system for individuals and businesses. Elucidate its advantages and disadvantages and suggest appropriate policy prescriptions to deal with the potential shortcomings.

Q2. The supply and demand graph represents the marketplace for round-trip airline flights between Boston and New York. Assume the mayor of NYC, Michael Bloomberg, decides to limit the number of flights to Q1 to reduce air pollution. Illustrate what area(s) represent(s) customer surplus after the quota is in place?

Reference no: EM1317785

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