Please answer question eight.

Thank you.

C' A Parent's Consumption Parent's Consumption Uo Y' C' B' B Y'o Uo U1 C Y1 Yo C1 Co Child's Consumption Child's Consumption (a) (b)3. To the extent most of the children in society are like the child in panel {b} above, then the transfers involved in the Social Security and Medicare systems would be to society on net because such transfers put these people on a less desirable indifference more while leaving his parents in the same position they would have been in had he chosen to transfer money to them on his own. [Your answer here should be either necessary, unnecessary, benecial, or harmful.]