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a. Personal protective equipment used by technicians to administer heroic, end-of-life (i.e., perfectly inelastic demand) chemotherapy treatments are highly toxic after the procedure has been performed. Illustrate the market for chemotherapy with a supply and demand diagram. Indicate the private and social equilibria.
b. On your diagram indicate consumer surplus, producer surplus, and deadweight loss. Discuss any unusual features of the sizes of these three.
c. The government decides to implement a Pigouvian tax to finance waste cleanup. On a new diagram indicate the per unit tax to the government and total government revenue. Also indicate new consumer surplus and producer surplus.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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