Please relate the current Covid-19 pandemic issues to any concept in Microeconomics. You can answer by giving an example and discuss it thoroughl
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Please relate the current Covid-19 pandemic issues to any concept in
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- Consider this in relation to the social and economic recovery from the COVID-19 pandemic. What are the pros and cons for national security, health, and local, national, and global economies?Choose one country and describe how they face the economic challenges (esp. business environment) posed by the Covid- 19 pandemic.What have been some Economic consequences of a Pandemic?
- Whose work on decision making received a 2002 Nobel Prize?Toilet paper flew off the shelves in the early period of the COVID-19 pandemic. Many have been baffled by this phenomenon but we have to investigate the microeconomics of this situation. Propose economic strategies to prevent another toilet paper crises.How do preferences on the available vaccine for COVID19 affect or contribute to microeconomics? Please answer in 250 words.
- Please provide an example showing the use of Econometrics for a specific economic concern.How can you use surveys, experiments and observational studies to make inferences about apopulation?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…