Vhich of the following is the clearest economic rationale for the US government funding research into ew medical technologies: O Knowledge has some features of a "public good," and therefore is likely to be under-provided in private markets O Relying on private investment in medical technologies will lead to a Medical Arms Race In contrast to government, private firms cannot "efficiently" direct resources toward medical research projects with the highest social return because they do not know what technological developments will be most useful from a social welfare perspective Allowing advanced technologies to propagate outside the bounds of government controls could hasten the

Vhich of the following is the clearest economic rationale for the US government funding research into ew medical technologies: O Knowledge has some features of a "public good," and therefore is likely to be under-provided in private markets O Relying on private investment in medical technologies will lead to a Medical Arms Race In contrast to government, private firms cannot "efficiently" direct resources toward medical research projects with the highest social return because they do not know what technological developments will be most useful from a social welfare perspective Allowing advanced technologies to propagate outside the bounds of government controls could hasten the

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2 Premium (thousands of dollars per year 6 $80 million. $160 billion. $80 billion. $160 million. 10 8 4 N HA 10 wom D = MB 30 40 50 20 Quantity (millions of families insured) Suppose that the marginal social benefit of insurance exceeds the willingness and ability to pay by a constant $2,000 per family per year. Suppose the marginal cost of health insurance is a constant $8,000 a year. If the government decides to provide public health insurance, how much will taxpayers have to pay?
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What are the perceived private costs and benefits of taking a COVID vaccine from the perspective of the following groups? (These will likely differ by group but there can be costs and benefits for both groups). Do these benefits outweigh the costs for each group? a. People willing to take the vaccine. b. Vaccine-hesitant individuals.
Suppose you are a politician being criticized in a debate for your commitment to reducing the growth of medical spending. Which of the following is the most appropriate response? O a. There is empirical evidence that medical spending should be capped at 15 percent of GDP. O b. Reducing wasteful health care spending could provide additional funding to the education sector. O c. High health care spending is harmful to bur economic well-being. O d. Fixing treatment prices will lead to greater innovation. Oe. Other developed nations spend far less of their GDP on health care.
5. What is overconsumption? How does overconsumption mirror overpopulation?
Consider an infectious disease such as the flu which is spread primarily through virus particles in aerosolized respiratory droplets of already infected people. a In the midst of an infectious disease epidemic of this sort, is it privately rational for people to limit their exposure to other people, perhaps by staying home from work or not going to school? b An infected person who goes out into public areas and does not take precautions to contain their respiratory emissions clearly poses a negative externality on those around them. Does an uninfected person going out into public areas also pose a negative externality? c For a particularly severe disease outbreak of this sort, one possible government response is to exaggerate to the public both the harm that might arise from contracting the disease and the likelihood of contracting the disease. In what ways might such a strategy reduce the harm to the public from the disease epidemic? In what ways might such a strategy increase the…
Susan was frustrated. As chair of the school of nursing at the local university, she wantedher students to get used to using electronic health records. Ideally, these students wouldleave her program and be able to use their employer’s EHR system without any additionalorientation. Other campus health profession leaders had similar concerns. However, thefaculty found that within a 100-mile radius of the university, the area’s many hospitals andthree main healthcare systems all used different EHR vendors.The local healthcare systems promoted electronic health information. They were allconcerned about the safety and security of the records and the needs of their patients. Theywere also aware of the national push for system to integrate EHRs. In reality, however, therecords housed in the variety of systems could not be shared. The software was toodisconnected and dissimilar.Susan wondered what her next step should be. Which system should she adopt, ifany? How could she help move these…
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Consider the given diagram showing the monthly market demand for electricity, where the electricity is generated by burning coal. The mining processing and burning of coal have considerable environmental and health costs associated that are not reflected in the market price for the final product-electricity. The diagram shows the market demand for electricity and private marginal costs of production Current estimates for the hull social cost of electricity generated by burning coal vary greatly but suggest that it could be many times higher than current market prices in Canada and the United States Supposing the demal cost associated with producing one kilowat hou (at) of electricity is $0 25, draw the marginal social cost curve for this market Use the ine drawing tool to plot the marginal social cont curve. Propedy label this fine Caelully follow the instructions above and only drew the required objects 5 45 4 35 8* 20 15 10 S (18,50) Di M 90 Mons of wh of Edicty MC 18
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Suppose that one course of treatment costs $500,000. If given to patient A, it will increase life expectancy by one month; for patient B, by two months; for patient C, by three months; and for patient D, by four months. The marginal cost per additional year of life for the patient most likely to benefit is and the marginal cost per additional year of life for the patient least likely to benefit is O $500,000; $2 million $1.5 million; $6 million $200,000; $500,000 O $2 million; $500,000 $6 million; $1.5 million
According to lecture, evaluating the abundance, and thus health, of fish stocks in pelagic fisheries like the Cod fishery in terms of steady catch rates or profits from fishing, is problematic because it: OIgnores the role that increasingly efficient fishing technology plays in keeping catches and profits steady, when fish populations may be declining O Assumes every fisherman is reporting their profits and catches accurately OIs based on estimates rather than hard numbers regarding catch and profit O Ignores the fact that pelagic fishers, like the cod fishery off the NE coast of North America, is regulated by community-based resource management