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sold in a free market the vaccine would cost                           ["", "", "", "", "", ""]            . If the free market were used to allocate the 3 doses of the vaccine: Bernie Sanders                           ["", ""]            get vaccinated.  Alexandria Cortez                           ["", ""]            get vaccinated.

sold in a free market the vaccine would cost                           ["", "", "", "", "", ""]            . If the free market were used to allocate the 3 doses of the vaccine: Bernie Sanders                           ["", ""]            get vaccinated.  Alexandria Cortez                           ["", ""]            get vaccinated.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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If only 3 doses of the vaccine were available and sold in a free market the vaccine would cost                           ["", "", "", "", "", ""]            .

If the free market were used to allocate the 3 doses of the vaccine:

Bernie Sanders                           ["", ""]            get vaccinated. 

Alexandria Cortez                           ["", ""]            get vaccinated. 

Elizabeth Warren                           ["", ""]            get vaccinated. 

Greta Thornburg                           ["", ""]            get vaccinated. 

Jose Illegal                           ["", ""]            get vaccinated. 

Archie Bunker                           ["", ""]            get vaccinated. 

Those who got the vaccine through the free market paid a price less than the value of the vaccine to them. Distributing the vaccine using a free market is an example of                           ["", "", "", ""]            .

Using the free market, the existing supply of the vaccine was distributed in such a way that                           ["", ""]            overall deaths from the virus. 

If the government controlled the 3 doses of the vaccine and gave them to those most likely to die if infected regardless of their wealth, race, immigration status, or political power:

Bernie Sanders                           ["", ""]            get vaccinated. 

Alexandria Cortez                           ["", ""]            get vaccinated. 

Elizabeth Warren                           ["", ""]            get vaccinated. 

Greta Thornburg                           ["", ""]            get vaccinated. 

Jose Illegal                           ["", ""]            get vaccinated. 

Archie Bunker                           ["", ""]            get vaccinated. 

With this distribution method, the people who get the vaccine                           ["", ""]            different than those that would receive them in a free market. 

If the government controlled the 3 doses of the vaccine and gave them to the politically powerful:

Bernie Sanders                           ["", ""]            get vaccinated. 

Alexandria Cortez                           ["", ""]            get vaccinated. 

Elizabeth Warren                           ["", ""]            get vaccinated. 

Greta Thornburg                           ["", ""]            get vaccinated. 

Jose Illegal                           ["", ""]            get vaccinated. 

Archie Bunker                           ["", ""]            get vaccinated. 

With this distribution method, deaths                           ["", ""]            minimized and the vaccine                           ["", ""]            to those who have the highest willingness to pay. 

Finally, consider Archie Bunker and Jose Illegal. Under all 3 methods, they                           ["", ""]            .

 

**Demand Schedule for Vaccine** The table below depicts individual and market demand for a vaccine across different price points. It outlines the willingness to purchase by several individuals and aggregates their demand into a market demand. | Price | Bernie Sanders (Age 80) | Alexandria Cortez (Age 31) | Elizabeth Warren (Age 71) | Greta Thornburg (Age 18) | Jose Illegal (Age 25) | Archie Bunker (Age 65) | Market Demand | |--------|------------------------|----------------------------|--------------------------|--------------------------|----------------------|----------------------|----------------| | $10,000 | 1 | 0 | 1 | 0 | 0 | 0 | 2 | | $9,000 | 1 | 0 | 1 | 0 | 0 | 0 | 2 | | $8,000 | 1 | 0 | 1 | 0 | 0 | 0 | 2 | | $7,000 | 1 | 0 | 1 | 0 | 0 | 0 | 2 | | $6,000 | 1 | 0 | 1 | 0 | 0 | 0 | 2 | | $5,000 | 1 | 0 | 1 | 0 | 0 | 0 | 2 | | $4,000 | 1 | 0 | 1 | 0 | 0 | 0 | 2 | | $3,000 | 1 | 0 | 1 | 1 | 0 | 0 | 3 | | $2,500 | 1 | 0 | 1 | 1 | 0 | 0 | 3 | | $250 | 1 | 1 | 1 | 1 | 1 | 1 | 6 | | $100 | 1 | 1 | 1 | 1 | 1 | 1 | 6 | | $1 | 1
Transcribed Image Text:**Demand Schedule for Vaccine** The table below depicts individual and market demand for a vaccine across different price points. It outlines the willingness to purchase by several individuals and aggregates their demand into a market demand. | Price | Bernie Sanders (Age 80) | Alexandria Cortez (Age 31) | Elizabeth Warren (Age 71) | Greta Thornburg (Age 18) | Jose Illegal (Age 25) | Archie Bunker (Age 65) | Market Demand | |--------|------------------------|----------------------------|--------------------------|--------------------------|----------------------|----------------------|----------------| | $10,000 | 1 | 0 | 1 | 0 | 0 | 0 | 2 | | $9,000 | 1 | 0 | 1 | 0 | 0 | 0 | 2 | | $8,000 | 1 | 0 | 1 | 0 | 0 | 0 | 2 | | $7,000 | 1 | 0 | 1 | 0 | 0 | 0 | 2 | | $6,000 | 1 | 0 | 1 | 0 | 0 | 0 | 2 | | $5,000 | 1 | 0 | 1 | 0 | 0 | 0 | 2 | | $4,000 | 1 | 0 | 1 | 0 | 0 | 0 | 2 | | $3,000 | 1 | 0 | 1 | 1 | 0 | 0 | 3 | | $2,500 | 1 | 0 | 1 | 1 | 0 | 0 | 3 | | $250 | 1 | 1 | 1 | 1 | 1 | 1 | 6 | | $100 | 1 | 1 | 1 | 1 | 1 | 1 | 6 | | $1 | 1
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