Now consider the equilibrium between supply and demand. Critique a policy of (a) full legalization (b) penalizing use only (c) penalizing supply only and (d) penalizing both use and supply
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Hi there, can you please help me understand the below question with diagrams if possible? Specifically the varying effects on
Critically assess an argument to legalize drugs using a simple supply and demand framework. Take as your benchmark a policy of full legalization (no penalties for supply or demand).
Now consider the equilibrium between supply and demand. Critique a policy of (a) full legalization (b) penalizing use only (c) penalizing supply only and (d) penalizing both use and supply
Thankyou!
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- Should price controls be imposed on life-saving drugs? Will consumers benefit or be harmed by this type of regulation?List the costs and benefits of the following hypothetical policies.a. The US government offers a $5 billion prize to the first drug company that develops a cure for Alzheimer’s disease.b. The patent length for drugs to treat fatal diseases is reduced to five years, and all current patents for such drugs that are already more than five years old instantly expire.c. The European Medicines Agency announces that it will instantly approve new drug applications that have shown any promise in treating Creutzfeldt-Jakob disease (also known as mad cow disease), even if there are safety concerns or if the evidence of efficacy is not conclusive.d. The US government allows patients to write themselves prescriptions on weekends, when physicians are typically not available.Identify the initial equilibrium price and quantity of the drug per day. Suppose the government imposes a price control at $1.50 a dose. How many doses are purchased after the price control is imposed?
- Only typed answer and don't use chat gpt The economic argument for legalizing drugs is morally bankrupt. is based on the assumption that demand is relatively price inelastic. shows that economists are all libertarians at heart. takes into consideration all the externalities associated with drug use. is really politically motivated.Should the FDA consider economic factors in new drug approvals?When the FDA lifted restrictions of TV advertisements for prescription medication in 1997, How has the regulatory affected the market for pharmacuticals?
- For each of the cases below, describe the type of entry barrier that appears to be most relevant. Which of the following describes the type of entry barrier faced for a patented blood pressure medication? A. There is a natural entry barrier for a patented blood pressure medication because entry into the market has been limited through government action. B. There is a created entry barrier for a patented blood pressure medication because entry into the market has been limited through limited access to key natural resources. C. There is a created entry barrier for a patented blood pressure medication because entry into the market has been limited through government action. D. There is a natural entry barrier for a patented blood pressure medication because entry into the market has been limited through price cutting.1. A U.S. patent for the drug that most effectively treats HIV prevents other drug companies from producing a comparable substitute for patients. a. What is the effect of patent protection on the demand for a drug? How does the shape of the demand curve differ before and after a patent has expired? Support your explanation with a graph. b.Demand curves respond to preferences, income, and costs of substitute and complements. Discuss how these factors determine a country’s demand for HIV treatments. How might the effects of the patent protection differ across countries?In the United States, most hospitals are non-profit, while nearly all pharmaceutical companies are for profit. Can you offer an explanation based on the consumer shopping problem?
- In most countries, government policy to eliminate narcotic problem is to catch narcotic producers/sellers, i.e. reducing supply. Why might the policy turn out to make narcotic producers better off (financially)? What should be a better policy to eliminate the narcotic problem?Define the characteristics of a vulnerable consumer. Considering ethics, should there be greater government regulation with respect to selling to vulnerable consumers? Within the context of a Christian worldview, why should businesses consider the methods of marketing to vulnerable consumers? Be sure to support your responses with evidence from the readings or additional references.Journalist: To reconcile the need for profits sufficient to support new drug with the moral imperative to provide medicines to those who most need them but can not afford them, some pharmaceutical companies feel justified in selling a drug in rich nations at one price and in poor nations at a much lower price. But this practice is unjustified. A nation with a low average income may still have a substantial middle class better able to pay for new drugs than are many of the poorer citizens of an overall wealthier nation. Which one of the following principles, if valid, help to support the journalist's reasoning? a. People who are ill deserve more consideration than do healthy people, regardless of their relative socioeconomic positions. b. Whether one deserves special consideration depends on one's needs rather than on the characteristics of the society to which one belongs. c. Wealthier institutions have an obligation to expend at least some of their resources to assist those incapable…
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