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If a new flu vaccine is approved, what will happen to the
The demand curve is the graphical representation of the relationship between the quantity demanded and the price. It represents the quantity demanded by consumers at different price levels.
The supply curve is the graphical representation of the relationship between the quantity supplied and the price. It represents the quantity supplied by producers at different price levels.
The market for a commodity is in equilibrium when its quantity demanded is equal to its quantity supplied, i.e., there is no excess demand or excess supply. This quantity is the equilibrium quantity and the price corresponding to this quantity is the equilibrium price.
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- Do COVID-19 Vaccines create external benefit? Why? Then should the government subsidize this activity?Historically, vaccinations have prevented the spread of certain diseases such as chicken pox or meningitis. What type of externality takes place with the consumption of such vaccines. Explain with words and a graph.Identify the initial equilibrium price and quantity of the drug per day. Suppose the government imposes a price control at $1.50 a dose. How many doses are purchased after the price control is imposed?
- Should the FDA consider economic factors in new drug approvals?Suppose that a study finds that the price elasticity of demand for MRI's is 0.3 (in absolute value). If the price of care were to ___ by 3%, we would expect the quantity of preventative care consumed to fall by ____%. Suppose that a study finds that the price elasticity of demand for MRI's is 0.3 (in absolute value). If the price of care were to ___ by 3%, we would expect the quantity of preventative care consumed to fall by ____%. a. fall; 0.3% b. rise; 0.9% c. rise; 0.3% d. fall; 0.9%Demand studies in health care have provided estimates of both income and price elasticity. Estimates of income elasticity are usually above +1.0. Estimates of price elasticity typically range between -0.1 and -.75 (with hospital services at the lower end and elective services at the upper end). What information do these estimates convey? What does the price elasticity of demand estimates imply for government policymakers, insurance companies, and medical providers' decisions? What does the income elasticity of demand estimates imply for government policymakers, insurance companies, and medical providers' decisions?