Assess students' ability to apply supply-and-demand analysis and price elasticity to quantify how taxes, subsidies, price ceilings/floors, and tariffs change equilibrium price and quantity. Tasks include deriving new equilibria after per-unit and ad-valorem taxes/subsidies or controls, using elasticities to determine tax incidence, and calculating changes in consumer surplus, producer surplus, government revenue, and deadweight loss. Problems will require algebraic and graphical analysis and interpretation of policy trade-offs.