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1) A county health department is trying to decide whether to offer free flu vaccines to its residents next year. The vaccine protects against the flu strains expected to be most prevalent next year, but does not fully protect against all flu strains.
If the county offers free flu vaccines, it will cost $100,000 initially. There is a 10 percent chance that the vaccine will not fully protect against the flu strain which will be most prominent next year, in which case the county would also need to spend $200,000 on medication to treat residents who contract the flu.
If the county does not offer free flu vaccines, there is a 15 percent chance that the county will experience a flu epidemic, in which case the county would need to spend $800,000 on medication to treat residents who contract the flu.
What advice would you give the county health department if they were risk neutral? What if they were risk-averse? (Assume the discount rate for this period is 0%)
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.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
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The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
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What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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