A local school administrator is concerned that flu outbreaks are putting children at risk, so she proposes that the state should subsidize flu shots in order to increase coverage rates. -Are the administrator’s concerns valid—are too few children getting flu shots—and will a subsidy help? -The school nurse suggests publishing a list of which kids did not get a flu shot, in the hope that public shaming will lead people to vaccinate their children. Is this strategy likely to work?
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A local school administrator is concerned that flu outbreaks are putting children at risk, so she proposes that the state should subsidize flu shots in order to increase coverage rates.
-Are the administrator’s concerns valid—are too few children getting flu shots—and will a subsidy help?
-The school nurse suggests publishing a list of which kids did not get a flu shot, in the hope that public shaming will lead people to vaccinate their children. Is this strategy likely to work?
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- You work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: penguin patties, raskels, and cannies. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, you know that complements are typically consumed together while substitutes can take the place of other goods. Run-of-the-Mills provides your marketing firm with the following data: When the price of penguin patties decreases by 20%, the quantity of raskels sold decreases by 22% and the quantity of cannies sold increases by 7%. Your job is to use the cross-price elasticity between penguin patties and the other goods to determine which goods your marketing firm should advertise together. Complete the first column of the following table by computing the cross-price…You work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: guppy gummies, frizzles, and kipples. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, you know that complements are typically consumed together while substitutes can take the place of other goods. Run-of-the-Mills provides your marketing firm with the following data: When the price of guppy gummies decreases by 5%, the quantity of frizzles sold decreases by 4% and the quantity of kipples sold increases by 6%. Your job is to use the cross-price elasticity between guppy gummies and the other goods to determine which goods your marketing firm should advertise together. Relative to Guppy Gummies Recommend Marketing with Guppy Gummies Cross-Price…In late 1991 two firms, Delta Airlines and the Trump Shuttle, provided air shuttle service between New York and Boston or Washington. The one-way price charged by both firms was $142 on weekdays and $92 on weekends, with lower off-peak advance purchase fares. In September 1991 Delta increased the per-trip shuttle mileage given to members of the Delta frequent-flier pro- gram from 1,000 to 2,000 miles, even though actual mileage from New York to either Boston or Washington is about 200 miles. Moreover, Delta also offered an extra 1,000 miles to frequent fliers who made a round-trip on the same day, raising a possible day’s total to 5,000 miles. Almost simultaneously, Trump changed the frequent-flier mileage it gave shuttle passengers. (It participated in the One Pass frequent-flier program with Continental Airlines and some foreign carriers.) What sorts of changes do you think Trump made? Why
- The onset of the COVID-19 pandemic forced many companies to conduct business remotely rather than in office buildings. In many cases, these companies found it more cost-effective to remain working remotely after the pandemic. Fees for building rentals, electricity, and other expenses are not present when employees work from their homes. One challenge faced by this change in business practice is communication. Employees can no longer walk across the hall, or peek over their cubicle walls, to ask for clarification from their coworkers about an issue. Sunny Day Technology took advantage of this situation to develop and market new computer software to help corporations develop effective communication between virtual employees. Use the knowledge you’ve gained in this and previous Units to answer the following questions. Support your response by providing examples and details. How can More Sunny Day Technology Company market the right price for its new product? How can you comprehend…The onset of the COVID-19 pandemic forced many companies to conduct business remotely rather than in office buildings. In many cases, these companies found it more cost-effective to remain working remotely after the pandemic. Fees for building rentals, electricity, and other expenses are not present when employees work from their homes. One challenge faced by this change in business practice is communication. Employees can no longer walk across the hall, or peek over their cubicle walls, to ask for clarification from their coworker about an issue. More Sunny Day Technology took advantage of this situation to develop and market new computer software to help corporations develop effective communication between virtual employees. Use the knowledge you’ve gained in this and previous Units to answer the following questions. Support your response by providing examples and details. How can More Sunny Day Technology Company market the right price for its new product? How can you comprehend…You work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: splishy splashers, raskels, and kipples. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, you know that complements are typically consumed together while substitutes can take the place of other goods. Run-of-the-Mills provides your marketing firm with the following data: When the price of splishy splashers decreases by 8%, the quantity of raskels sold increases by 6% and the quantity of kipples sold decreases by 8%. Your job is to use the cross-price elasticity between splishy splashers and the other goods to determine which goods your marketing firm should advertise together. Complete the first column of the following table by computing the cross-price…
- Two hunters may choose, individually and simultaneously, to go deer hunting, as the deer can provide abundant and appetizing food, or to go hare hunting, also appetizing, but scarce. Deer hunting represents a challenge and requires mutual coordination. Hunting a deer without cooperation means that the deer will be safe; while hunting a deer in groups guarantees it will be caught. Hare hunting is an individual activity that does not require another hunter, and the one who decides to go hare hunting always makes it. The reward for hunting a hare is 1, while the reward for each of the hunters for catching a deer together is 3 for each one. The reward for not hunting a deer is 0. Specify the game in a normal way arising from this situation. Do the players have strictly dominated strategies? Determine the set of rationalizable strategies in this case. Find all Nash equilibriums in this case, if any. Are they efficient in Pareto sense? Justify your answer.Andy, Brad, and Carly are playing a new online video game: Zombie Civil War. Each has an army of 100 zombies and must decide how to allocate them to battle each of the other two players’ armies. Three simultaneous battles are occurring: one between Andy and Brad, one between Andy and Carly, and one between Brad and Carly. Let Ab denote how many zombie soldiers Andy allocates to his battle with Brad, with the remaining 100 - Ab soldiers in Andy’s zombie army assigned to the battle with Carly. Bc denotes the number of zombie soldiers that Brad allocates to his battle with Carly, and 100 - Bc zombies go to his battle with Andy. Ca is the the number of zombie soldiers that Carly allocates to the battle with Andy, and 100 - Ca in her battle with Brad. To see how payoffs are determined, consider Andy. If Ab > 100 - Bc, so that Andy has more zombies than Brad in the Andy-Brad battle, then Andy wins the battle and receives w points where w > 2. If Ab = 100 - Bc, so that Andy and Brad…Sophia is a contestant on a game show and has selected the prize that lies behind door number 3.The show’s host tells her that there is a 50% chance that there is a $15,000 diamond ring behindthe door and a 50% chance that there is a goat behind the door (which is worth nothing to Sophia,who is allergic to goats). Before the door is opened, someone in the audience shouts, “I will giveyou the option of selling me what is behind the door for $8,000 if you will pay me $4,500 for thisoption.” [Assume that the game show allows this offer.]a. If Sophia cares only about the expected dollar values of various outcomes, will she buythis option?b. Explain why Sophia’s degree of risk aversion might affect her willingness to buy thisoption
- A Gain from Trade occurs when a unit is sold for a price greater than the unit of the good is worth to a seller and, simultaneously, bought for a price less than the good is worth to a buyer. Consider the first 2 units of the good that would be sold in this market (the vertical red line on the graph). Which answer choices are correct? If Kai and Mint sold one unit each to Gob and Yam at a price of $6, the trade would be mutually beneficial. At a price of $6, Gob would benefit by $3 because she is paying $6 for a unit of the good which is worth $9 to her. At a price of $6, Kai would benefit by $4 because she is getting $6 for a unit of the good which is worth $2 to her. For the first 2 units of the good there is potential gain from trade of $7 for each of the 2 units. For the first 2 units of the good sold the difference between the value to buyer and seller is $9 each. This means there is a potential gain from trade of $9 per unit. If the first 2 units of the…Recently, television commercials promoting toothpaste featured a well-known chef expressing satisfaction with the latest in toothpaste flavors, including citrus, herbal, mint, and cinnamon. U.S. consumers fully understand the health benefits of brushing their teeth, so makers of the various brands sold in the toothpaste market seek to emphasize how good their toothpastes taste. Manufacturers have also differentiated their toothpastes by promoting them as beauty products. Using such names as “Whitening Expressions” and “Rejuvenating Effects,” toothpaste companies battle in media ads to convince toothpaste consumers that their great-tasting brands of toothpaste will also produce the brightest smiles. If a number of consumers become convinced that a particular brand of toothpaste really will “rejuvenate” their teeth, what will happen to the price elasticity of demand for that particular toothpaste?The Centers for Disease Control and Prevention (CDC) has a new vaccine against a disease and are trying to determine the optimal percentage of the population that should be vaccinated. They do not recommend vaccinating the whole population against the smallpox virus because the vaccine has undesirable, and sometimes fatal, side effects. Suppose the following table gives the data about the effects of the vaccine. Percent of population Deaths Due to Deaths due to Marginal Marginal Cost vaccinated Disease vaccine side Benefit of the of the Vaccine effects Vaccine (extra (extra deaths lives saved by due to side vaccine) effects) 0% 200 0 NA NA 10% 180 10 20% 160 25 30% 140 55 40% 120 95 50% 100 140 60% 80 200 a. Calculate the Marginal Benefit (in terms of how many extra lives are saved by the…