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The COVID 19 pandemic has been described as the once-in-a-generation global crisis. Think about some of positive and negative externalities of the COVID 19 pandemic and answer the following questions.
a. Identify four negative externalities and four positive externalities of the COVID 19 pandemic and briefly explain them.
b. Explain the reason(s) you believe that there will be a positive externality in the event of finding a vaccine for COVID 19 in near future. Use a diagram to support your explanation.
c. Illustrate and briefly explain consumer, producer and total surplus of an expected positive externality of a COVID 19 vaccine by drawing a relevant diagram.
d. Explain how an expected positive externality of a COVID 19 vaccine could be internalised by using a diagram.
e. Illustrate what happens to consumer, producer and total surplus due to this policy.
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