Part A (A 1-page response is required.) Politicians are often heard saying that tuition at state universities should be kept low "to make education equally accessible to all residents of the state, regardless of income." 1. Assuming that state funding for the universities is held constant, describe the conditions that will prevail if tuition is held below equilibrium price. Provide one (1)example to support your response. 2. Will education really be "equally accessible " under these conditions? Provide one (1) example to support your response. Part B (A 1-page response is required.) Using the Internet, research the influenza vaccine, or "flu shot." Use the following to guide your research: * Think about the flu shot in the context of a public good. * What are the economic benefits of the flu shot? * In what ways has the government became involved in the distribution of flu shots? For what reasons? 1. Describe one (1) reason why the private market for flu vaccinations would produce an inefficient outcome. 2. Describe one (1) way that government involvement could achieve an efficient quantity of vaccinations. 3. Provide one (1) original example for each of the following: a. a private good b. a public good
TUITION AND INFLUENZA VACCINE Name: Institutional Affiliation: Tuition and Influenza Vaccine Part A 1 Conditions That will prevail if tuition is held below equilibrium price In the event that tuition is held below the equilibrium price, it is essential to note that institutions of learning will receive more people who would want to attend their universities, a number that may turn out to be a challenge for the university system to educate successfully (Lei, Liu, Deng, Huang, & Leong, 2014). This clearly determines the universities approach in retaining admission through an approach aimed at raising the institution`s admission standards with the aim of cutting out some of the students who never attained the best high school grades from the system. An example of this can be viewed in an instance where the market price of textbooks is below the equilibrium, with the demands of consumers represented in the horizontal distance displayed ...