QUESTION 4 (EXERCISE 12.10)MARKET FAILURE

Construct a table like the one inFigure 12.13( https://core-econ.org/the-economy/book/text/12.html#figure-12-13 )to analyse the possible market failures associated with the decisions below. In each case, can you identify which markets or contracts are missing or incomplete?

1. You inoculate your child with a costly vaccination against an infectious disease.
2. A fishing fleet moves from the overfished coastal waters of its own country to international waters.
3. A city airport increases its number of passenger flights by allowing nighttime departures.