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
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question

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
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education