QuickWrite Question:
1. Are Flu and Covid vaccinations for the individual or society? (explain)
2. Why do economists advocate for government support (incentives-both supply and demand) for these vaccines?
3. Analysis- Using one of the graphs above, create or cite an example of a government program to incentivize the production or consumption of the vaccine.
4. Free Rider- Briefly explain how individual who DO NOT get the vaccine also benefit from these programs.
Assignment Requirements:
This is not an analytical paper, but a summary analysis of your knowledge of the concepts in this chapter. long explanation please.
2:13 AM Thu Oct 20 39% Assignment Details ECON-102-OLH-Principles of Micro Economics-CRN 89677 Watch on Youtube The following graphs illustrate how positive externalities can be generated by both the production (supply) and consumption (demand) of the vaccine. FIGURE 5-4 Price of Dead Weight Loss oil S = PMC Market Failure Due to Positive Production Externality in the Oil Supply = Marginal Cost Exploration Market . Expenditures P SMC = PMC - MB on oil exploration by any company have a positive externality because they offer more profitable opportuni- ties for other companies. This leads PI to a social marginal cost that is below P. the private marginal cost, and a social D2 - Marginal Social Benefit Deadweight loss optimum quantity (Q2) that is greater Positive Externality than the competitive market equilibri um quantity (Q1). There is underpro- D1 - Marginal Private Benefit duction of Q2 - Q1, with an associated benefit, . . . . . . . . .... D = PMB = SMB deadweight loss of area ABC. Market Social Quantity Optimum Q Quantity of oil Underproduction Positive Externality- Demand Positive Externality- Supply Please review the following on the foundations of externalities. . B.4.2.2 Advanced Explanation -Rival and Excludable Goods . B.4.2.3 Advanced Explanation-Externalities After reviewing the graphic, article and video, respond to the following. Quick Write Question: 1. Are Flu and Covid vaccinations for the individual or society? (explain) Submit Assignment Previous Next 97 _ Dashboard 838 Calendar To Do Notifications Inbox2113 AM Thu Oct 20 a\" 2 Assignment Details ECOerOZeOLHrPrinciples of Micro EconomicsVCRN 89677 7| .-v ; ~, Iv . A a o o o . o a q o 0 ' 0.. o . , 0,... a ' .' ., o. . a on .2 a . 0 3 o How the Flu or Covid 19 Spreads- The graphic above is the H1N1 virus in 2009. Hanoi, Vietnam as the starting point of the virus rather than Veracruz, Mexico, where the 2009 version most likely began. "Everytime an individual travels from one city to another carrying the disease we add a link that shows that the infection propagated along the connection," th_ey write on their website. Once an infected person shows up in a city, they become able to infect others. That creates a web of potential travel lines, or an "infection tree," that the disease forms as it travels. If it is the exposure to the Flu that causes the u to spread, how to we stop exposure and the spread. Economists are notjust concerned with the spread of the disease, but also the economic damage cause by the disease. Hence, when the spread of the disease is slowed (or eradicated) then so is the economic damage. Economic Policy to reduce or prevent the damage of an epidemic. G Externalities and Incentives: The Economics of COVlD Submit Assignment 4 Previous Next > (b3 Dashboard Calendar E ToDo Q Notications glnbox
