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Recommend the necessary fiscal policy to eliminate the gap by using tax, government spending and transfer payments. (

Answer

Fiscal policy is the government’s use of taxation and spending to influence economic activity and to achieve specific economic and social objectives. To eliminate the gap, a government must use a combination of taxation, government spending and transfer payments to achieve its desired economic goals. The specific measures used to close the gap will depend on the particular situation.

Taxation

Taxation is a key tool for governments to use in closing the gap. By increasing taxes, the government can raise revenue to help cover the cost of public spending. This can be done through increasing income taxes, raising excise taxes on certain goods or services, or introducing new taxes.

Government Spending

Government spending can also help close the gap. This can include spending money on public infrastructure projects, such as roads and bridges, or providing funds for various social programs, such as health care and education. Government spending can also be used to stimulate the economy by creating jobs or providing incentives for businesses to invest.

Transfer Payments

Transfer payments are payments made by the government to individuals or groups to provide financial assistance. Examples of transfer payments include unemployment benefits, Social Security payments, and welfare payments. These payments can help close the gap by providing financial assistance to those in need, which can help stimulate economic activity.

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Suppose 20 households in a community have the demand function Q = 2 – 0.001P each for streetlights while 5 other households have the demand function Q = 3 – 0.002P each for streetlights. Here, Q refers to the number of streetlights to erect near their home while P is the unit price of each streetlight. The cost of building each streetlight is GHS 45. a) Assuming each household is making its separate purchase decision, find the market demand function for streetlights for all 25 households b) Assuming each household is making its separate purchase decision, find the equilibrium price and number of streetlights in the community c) Assuming a community association has decided to coordinate this streetlight purchase decision problem. The community leader uses the demand functions to determine how much each household is willing to contribute (willingness to pay) towards the first, second, third, etc streetlight. The first light is purchased only when the sum of individual households’ contributions is at least equal to the marginal cost of streetlights. Find out how many streetlights are purchased for this community in equilibrium.

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