03 Jun Marginal Analysis involves the marginal benefit and the marginal cost. A rational decision maker decides on an option or policy change only if the marginal benefit exceeds the marginal cost.
1. Marginal Analysis involves the marginal benefit and the marginal cost. A rational decision maker decides on an option or policy change only if the marginal benefit exceeds the marginal cost.
a.) Name and explain one marginal benefit (MB) and one marginal cost (MC) of
the “Lockdown policy” during the Pandemic. (2 points)
b.) Name and explain one thing that the government can do to make the MB
higher than the MC during the Pandemic? (1 Point)
Try to answer this question from the government’s perspective (in terms of the “big” picture). [Hint: You should google the answers on the internet using the keywords “COVID” “Lockdown” “Marginal Analysis” first before answering the questions.]
2. Vaccination against the COVID may have some positive externality to the public. Name and explain one policy option that the U.S. governments (federal or state and local) have used to increase the vaccination rate. (1 point)
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