Answer each question fully and use graphs to help explain the answers, where appropriate. There is not always one correct answer. The quality of your answer depends on the strength of your explanation and on your ability to apply economic concepts to these problems.

1. President Biden hears that you have completed Public Managerial Economics at American University. He asks you to join his Council of Economic Advisors and report to him on the circumstances in which the free market works effectively and when government intervention is needed. Discuss concepts such as perfect competition, allocative efficiency, fairness and equity, deadweight loss, public goods, and externalities.

2. You accept a position as economics advisor to the Director of the Office of Management and Budget. You are asked to evaluate government programs to help determine whether the government should continue to fund the programs. Discuss the economics rationale for government intervention based on concepts discussed in class. A. A program to increase the number of teachers in the United States; B. Strict enforcement of anti-pollution laws; and C. A program to subsidize wheat production.

3. A major hotel chain expects travel to increase during the summer of 2023. At the same time, hotel operation costs are expected to increase due to rising energy costs. Using demand and supply analysis to develop your response, how would you expect these two events to affect the travel market during the summer of 2023, including equilibrium quantity and price? Consider the impact of price elasticity of demand in your response.

Graphs are nessasery please drove it