PriceSsocialSinternalB$7.00$6.00$5.00D$4.00Dinternal3,0003,500QuantityIn the market shown in the diagram above, the market equilibrium is at pointand the social optimum is at pointSelect one:а. А; Сb. С; DС. А;Вd. C;A

Answered: Price Ssocial Sinternal $7.00 $6.00-…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The Covid-19 is a highly contagious disease. Although there are vaccines for Covid-19, the vaccination is not free and there are side effects of the vaccine, making it less suitable especially for senior citizens. The government encourages people to go for vaccination against Covid-19 but make it optional. Discusswith a suitable market diagram whether the vaccination market is efficient. Will the vaccination market be efficient if the government makes it compulsory for all people to take the vaccine? Explain with a suitable diagram.
Price $18 $14 $12 $18; 70 $14; 50 $14; 70 50 O $18; 50 $12; 50 Ssocial At the market equilibrium, price is equal to internal 70 Quantity Sinternal and units of the good are produced.
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Use the following graph to identify the equilibrium at the social optimum (Es), the competitive market equilibrium (EM), the quantity produced at the social optimum (Qs), and the quantity produced at the competitive market equilibrium (QM). Price S social Sinternal Dinternal quantity A Es BEM c) Qs D QM
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Table 7-1 Willingness to Pay (WTP) Monika $50 Thuy $30 Alex $25 Michelle $24 John $21 David $20 Monika, Thuy, Alex, Michelle, John and David are fans of the movie the Black Panther. Table 7-1 shows their willingness to pay for a Blue-Ray DVD of the movie. The price of the DVD drops from $26 to $25. Who is the marginal buyer in this market? O Thuy O Michelle O John O Alex

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Price Ssocial Sinternal $7.00 $6.00- $5.00 D $4.00 Dinternal 3,000 3,500 Quantity In the market shown in the diagram above, the market equilibrium is at point , and the social optimum is at point Select one: а. A; C b. C; C. A; d. C; A