Suppose that a vaccine is developed for a highlycontagious strain of flu. The likelihood that anyonewill get this flu decreases as more people receivethe vaccine.PriceMC110100908060504020D-1D-250 75 125 150200275Flu VaccinesWhat is Consumer Surplus when P = 8O?What is Producer Surplus when P = 80?Policymakers should impose avaccines. Select one:ofona. tax; 25b. subsidy; 25c. tax; 30d. subsidy; 30 Rob owns a dog whose barking annoys Rob'sneighbor Jane. Suppose that the benefit ofowning the dog is worth $700 to Rob and thatJane bears a cost of $500 from the barking.Assuming Rob has the legal right to keep the dog,a possible private solution to this problem is thatSelect one:a. Rob pays Jane $600 for her inconvenience.b. Jane pays Rob $650 to give the dog to hisparents who live on an isolated farm.c. Jane pays Rob $800 to give the dog to hisparents who live on an isolated farm.d. There is no private transaction that wouldimprove this situation.East Lansonia is a town of ten people. There aretwo occupations: basket weaving and fishing.Basket weavers make $5 per day. The income, I,from fishing is a function of the number of peoplefishing on a given day. This is because the morefishing boats out on the lake, the less fish eachboat will catch. Specifically, I = 16 – 2*n , where nis the number of fishers. The lake is open-access,or publicly owned, so that any of the ten villagersis free to fish on the lake.How many people will fish in the private marketoutcome?What is total village income in the private marketoutcome?

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Suppose that a vaccine is developed for a highly contagious strain of flu. The likelihood that anyone will get this flu decreases as more people receive the vaccine. Price MC 110 100 90

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Suppose that a vaccine is developed for a highly
contagious strain of flu. The likelihood that anyone
will get this flu decreases as more people receive
the vaccine.
Price
MC
110
100
90
80
60
50
40
20
D-1
D-2
50 75 125 150
200
275
Flu Vaccines
What is Consumer Surplus when P = 8O?
What is Producer Surplus when P = 80?
Policymakers should impose a
vaccines. Select one:
of
on
a. tax; 25
b. subsidy; 25
c. tax; 30
d. subsidy; 30

Rob owns a dog whose barking annoys Rob's
neighbor Jane. Suppose that the benefit of
owning the dog is worth $700 to Rob and that
Jane bears a cost of $500 from the barking.
Assuming Rob has the legal right to keep the dog,
a possible private solution to this problem is that
Select one:
a. Rob pays Jane $600 for her inconvenience.
b. Jane pays Rob $650 to give the dog to his
parents who live on an isolated farm.
c. Jane pays Rob $800 to give the dog to his
parents who live on an isolated farm.
d. There is no private transaction that would
improve this situation.
East Lansonia is a town of ten people. There are
two occupations: basket weaving and fishing.
Basket weavers make $5 per day. The income, I,
from fishing is a function of the number of people
fishing on a given day. This is because the more
fishing boats out on the lake, the less fish each
boat will catch. Specifically, I = 16 – 2*n , where n
is the number of fishers. The lake is open-access,
or publicly owned, so that any of the ten villagers
is free to fish on the lake.
How many people will fish in the private market
outcome?
What is total village income in the private market
outcome?

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