The mayor of Gotham city, worried about the potential epidemic of deadly influenza this winter, ask an economic adviser the following series of questions. Determine whether a question requires the economic advisor to make a positive assessment or a normative assessment. How much vaccine will be in stock in the city by the end of November? If we offer to pay 10% more per does to the pharmaceutical companies providing the vaccines, will they provide additional doses? If there is a shortage of vaccine in the city, whom should we vaccinate first-the elderly or the very young? ( Assume that a person from one group has an equal likelihood of dying from influenza as a person from the other group) If the city charges $25 per shot, how many people will pay? If the city charges $25 per shot, it will make a profit of $10 per shot, money that can go to pay for inoculating poor people. Should the city engage in such a scheme?

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ECON 2106: Microeconomics I Fall - 2023 Algoma University Homework # 2 (Due: October 19, 2023) 1. The market demand for cashmere socks is given by Q = 1,000 + 0.5I – 400P + 200P’ Where, Q = Annual demand in number of pairs I = Average income I dollars per year P = Price of one pair of cashmere shocks P’ = Price of one pair of wool shocks Given that I = ECON 2106: Microeconomics I Fall - 2023 Algoma University Homework # 2 (Due: October 19, 2023) 1. The market demand for cashmere socks is given by Q = 1,000 + 0.5I – 400P + 200P’ Where, Q = Annual demand in number of pairs I = Average income I dollars per year P = Price of one pair of cashmere shocks P’ = Price of one pair of wool shocks Given that I = $20,000, P = $10, and P’ = $5, determine ƐQP, ƐQI, and ƐQP’.

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Chapter 2, Problem 14P

To determine

The mayor of Gotham city, worried about the potential epidemic of deadly influenza this winter, ask an economic adviser the following series of questions. Determine whether a question requires the economic advisor to make a positive assessment or a normative assessment.

How much vaccine will be in stock in the city by the end of November?

If we offer to pay 10% more per does to the pharmaceutical companies providing the vaccines, will they provide additional doses?

If there is a shortage of vaccine in the city, whom should we vaccinate first-the elderly or the very young? ( Assume that a person from one group has an equal likelihood of dying from influenza as a person from the other group)

If the city charges $25 per shot, how many people will pay?

If the city charges $25 per shot, it will make a profit of $10 per shot, money that can go to pay for inoculating poor people. Should the city engage in such a scheme?

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ECON 2106: Microeconomics I Fall - 2023 Algoma University Homework # 2 (Due: October 19, 2023) 1. The market demand for cashmere socks is given by Q = 1,000 + 0.5I – 400P + 200P’ Where, Q = Annual demand in number of pairs I = Average income I dollars per year P = Price of one pair of cashmere shocks P’ = Price of one pair of wool shocks Given that I = ECON 2106: Microeconomics I Fall - 2023 Algoma University Homework # 2 (Due: October 19, 2023) 1. The market demand for cashmere socks is given by Q = 1,000 + 0.5I – 400P + 200P’ Where, Q = Annual demand in number of pairs I = Average income I dollars per year P = Price of one pair of cashmere shocks P’ = Price of one pair of wool shocks Given that I = $20,000, P = $10, and P’ = $5, determine ƐQP, ƐQI, and ƐQP’.

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