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My Child, My Choice If all U.S. children were vaccinated many lives would be saved, infections would be down, and medical costs would be lower. Vaccinations protect not only the kids that receive the shots but also those who can't receive them. Source: Time, June 2, 2008 Draw a graph to illustrate the private market for vaccinations and show the deadweight loss. Draw a demand and marginal benefit curve. Label it D = MB. Draw a supply and marginal cost curve. Label it S= MC. As the quantity of vaccinations increases, the marginal external benefit from each vaccination decreases. Draw a marginal social benefit curve. Label it MSB. 12- 10- 8- 24 0+ 0 Price (dollars per flu shot) 2 4 6 8 10 Quantity (millions of flu shots per season) 12 Q O 2

My Child, My Choice If all U.S. children were vaccinated many lives would be saved, infections would be down, and medical costs would be lower. Vaccinations protect not only the kids that receive the shots but also those who can't receive them. Source: Time, June 2, 2008 Draw a graph to illustrate the private market for vaccinations and show the deadweight loss. Draw a demand and marginal benefit curve. Label it D = MB. Draw a supply and marginal cost curve. Label it S= MC. As the quantity of vaccinations increases, the marginal external benefit from each vaccination decreases. Draw a marginal social benefit curve. Label it MSB. 12- 10- 8- 24 0+ 0 Price (dollars per flu shot) 2 4 6 8 10 Quantity (millions of flu shots per season) 12 Q O 2

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter10: Externalities
Section: Chapter Questions
Problem 3PA: Greater consumption of alcohol leads to more motor vehicle accidents and, thus, imposes costs on...
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K P % 5 My Child, My Choice If all U.S. children were vaccinated many lives would be saved, infections would be down, and medical costs would be lower. Vaccinations protect not only the kids that receive the shots but also those who can't receive them. Source: Time, June 2, 2008 Draw a graph to illustrate the private market for vaccinations and show the deadweight loss. t Draw a demand and marginal benefit curve. Label it D = MB. Draw a supply and marginal cost curve. Label it S= MC. As the quantity of vaccinations increases, the marginal external benefit from each vaccination decreases. Draw a marginal social benefit curve. Label it MSB. Draw a point at the market equilibrium. Label it 1. Draw a point at the efficient equilibrium. Label it 2. Draw a triangle that shows the deadweight loss. Label it DWL. 6 y g h & 7 O * 8 70 O k ( 9 $ O 12- 10- 8- 0- 0 Price (dollars per flu shot) 8 10 Quantity (millions of flu shots per season) >>> Draw only the objects specified in the question. 0 р | 1 12 10 Next SUS BE
Transcribed Image Text:K P % 5 My Child, My Choice If all U.S. children were vaccinated many lives would be saved, infections would be down, and medical costs would be lower. Vaccinations protect not only the kids that receive the shots but also those who can't receive them. Source: Time, June 2, 2008 Draw a graph to illustrate the private market for vaccinations and show the deadweight loss. t Draw a demand and marginal benefit curve. Label it D = MB. Draw a supply and marginal cost curve. Label it S= MC. As the quantity of vaccinations increases, the marginal external benefit from each vaccination decreases. Draw a marginal social benefit curve. Label it MSB. Draw a point at the market equilibrium. Label it 1. Draw a point at the efficient equilibrium. Label it 2. Draw a triangle that shows the deadweight loss. Label it DWL. 6 y g h & 7 O * 8 70 O k ( 9 $ O 12- 10- 8- 0- 0 Price (dollars per flu shot) 8 10 Quantity (millions of flu shots per season) >>> Draw only the objects specified in the question. 0 р | 1 12 10 Next SUS BE
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