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Question: Many observers consider it a market failure when the pharmaceutical industry refuses to do research and development on what are known as neglected diseases: cures for malaria and tuberculosis and vaccines for other diseases in developing countries where the profit potential is small. Further, many drug firms are unwilling to make vaccines for illnesses such as influenza and other biohazards such as anthrax and small pox. Vaccines are especially prone to large lawsuits because when they are administered, they are administered to millions of people in an emergency, and if there are serious unanticipated side effects, settlement costs can be huge. With anthrax vaccine, ethical considerations prevent exposing someone to anthrax and then injecting the medicine, so these types of vaccines often are used in emergencies without sufficient testing.
a. One of the solutions currently used for neglected diseases is the public- private partnership (PPP). Grants by the Bill & Melinda Gates Foundation currently fund most of the PPPs that are conducted on a "no profit, no loss" basis. The firm's research and development costs are covered, but firms must sell the drugs at cost to developing countries. Why would pharmaceutical firms be willing to spend time on these types of projects?
b. Since lawsuits are an important impediment to research and development of vaccines, what policies could the government institute to solve this problem? c. Besides the use of the PPP, what other policies might the government introduce to encourage drug firms to do research and development on neglected diseases and orphan diseases (diseases that affect only a few people and thus have extremely limited markets)?
Decide the current productivity results for the non-farming business sector and the manufacturing sector. Discuss recent productivity and cost trends and make predictions for the future.
Marginal cost are identical
Cesar earns $60/week while attending UIC and consumes two goods: Beer (B) and Food (F). Beer costs $1/can and Food costs $3/lb. Cesar has the utility function U(B,F) = 2BF (with B in cans, F in lbs). This means his marginal utility from consuming bee..
Assume that a 10 percent-coupon bond ($1000 face-value) is purchased at a price of $960, held one year, and sold for $1020. What is the one-year holding period return for this coupon bond?
Based on your analysis of the data that you present, provide your opinion on what would be the main areas of concern if the two organizations were to merge and how they could be overcome.
Normal 0 false false false EN-US X-NONE X-NONE Are there any similarities ..
How much producer surplus - what is the total surplus - With the price floor at $0.17 per pound of cheese, consumers buy 211 billion pounds of cheese. How much consumer surplus is created now?
Identify and discuss three externalities, which can either be positive or negative. Analyze the different stakeholders that are involved in the externality, and identify what their roles are with regard to the externality.
Why are government imposed "nationalization of industries so pricing is at marginal cost" and "average cost pricing" both second best outcomes to the competitive markets? P=MC=min ATC long run equilibrium?
The demand for milk is given by Q=120,000-20,000P. a. What is the equilibrium quantity of milk if the market price is $3.00? b. What is the equilibrium quantity of milk if the market price drops to $2.90?
Which of the following commodities have been most directly influenced by government encouragement to include ethanol in gasoline?
The demand for agricultural products is inelastic, and the income elasticity of demand for agricultural products is low. How do these facts help explain the decline of the family farm in the United States?
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