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The Tutor and Student discussed social insurance programs, mandated benefits, and income distribution, including the Lorenz curve and Gini coefficient. They analyzed the effects of mandated benefits on labor demand and supply. The session concluded with plans to continue the lesson at a later time.

The session covered various types of taxes including sales tax, property tax, and excise tax, and analyzed the impact of elasticity on tax burden and deadweight loss. The Student and Tutor also discussed the effects of income and payroll taxes on the labor market. The Student will review the material and continue with the next chapter in the following session.

The Tutor and Student discussed market definitions, horizontal and vertical mergers, price fixing, vertical restraints, and natural monopolies. They also covered methods of regulating natural monopolies, including marginal cost pricing and average cost pricing, as well as incentive regulation and its challenges. The session ended with an introduction to tax-based transfers and income distribution, defining personal income tax, tax brackets, and different types of tax systems; the lesson will continue in the next session.

The session covered government's role in maintaining market competition through antitrust policies. The Tutor and Student discussed the Sherman and Clayton Antitrust Acts, natural monopolies, predatory pricing, and merger policies, including the Herfindahl-Hirschman Index (HHI). No specific homework was assigned, but the student is expected to review the discussed concepts.

The session focused on microeconomic concepts, including economic profits, diminishing returns, monopolistic competition, and oligopoly. The Student practiced interpreting graphs, calculating profits, and understanding market structures. Homework was assigned, including consumer surplus problems, and future sessions were scheduled to cover further chapters on tax rates and bond calculations.

The session involved interpreting regression coefficients, understanding dummy variable traps, and conducting hypothesis tests using t-statistics and F-statistics. The student practiced interpreting regression outputs and learned how to apply statistical tests to economic data. The student was assigned to attempt question three and send their workings for review.