Question

In: Economics

Assume that Bangladesh has found a vaccine for coronavirus. Discuss how Bangladesh will face the problem...

Assume that Bangladesh has found a vaccine for coronavirus. Discuss how Bangladesh will face the problem of scarcity when distributing the vaccine among the population. Discuss in detail the effects of scarcity in this case.

Solutions

Expert Solution

Scarcity is the basis of economics. The needs of individuals are unlimited but the resources are limited which forces us to allocate resources to the best possible use.

Assuming that Bangladesh has found the vaccine for coronavirus, there are several cases involved, which depends on a number of factors like the cost of the vaccine, the number of patients, etc and hence there would be tradeoff between choices.

If the vaccine is costly and out of reach of a majority of the population, especially the poor, then it would be a tradeoff between equity and efficiency. The firm producing it would want the best price, given the efforts put in it etc, while the people or the government would want to make the vaccine available at a reasonable price.

Another factor would be the population infected with the disease. If there are many cases, wherein the vaccine is the only form of treatment and the people are not recovering themselves, then there would be tradeoff as to which person the vaccine should be given. The factors involved could be co-morbidities, age etc.

Also if majority of the people are getting well without the vaccine, then the tradeoff would be less as the severely ill people would only be given the vaccine. Also there might be the tradeoff between exporting the vaccine or using it for the people of Bangladesh.

Hence there are several factors which would be included when the vaccine is produced since it would be scarce given the huge size of the population.

(You can comment for doubts)


Related Solutions

Discuss the difficulty in creating a vaccine for both Ebola and Coronavirus.
Discuss the difficulty in creating a vaccine for both Ebola and Coronavirus.
Assume now that Health-R-Us has discovered a vaccine for coronavirus. Why might the government be willing...
Assume now that Health-R-Us has discovered a vaccine for coronavirus. Why might the government be willing to grant (and allow to remain in place) a patent to HealthR-Us, despite the dead weight loss and the ensuring monopoly profits caused by such a patent? Explain your answer. For simplicity assume the vaccine is only relevant for the domestic market (i.e., there is no global market for vaccines).?
5. A vaccine against the novel coronavirus has been invented. The scientist said in an interview...
5. A vaccine against the novel coronavirus has been invented. The scientist said in an interview that the experiments yielded a statistically significant result. Explain in clear, unambiguous, statistical terms what this means. *your answer has to be perfect, yet simple enough so millions of lay people understand it. That is: simplicity without losing statistical truth.
g. Assume Investor Casey is optimistic that a vaccine for COVID-19 will be found soon, thus...
g. Assume Investor Casey is optimistic that a vaccine for COVID-19 will be found soon, thus has estimated the following probabilities pertaining to the S&P performance: 16% that S&P falls below the low strike price, X1, so Casey pays Sam; 71% that the S&P remains between the strike prices, so Casey makes no payment; and 13% that the S&P will move at and above the higher strike price, X2, so Sam pays Casey. Graph the lognormal probability distribution, with the...
Assume that the government is planning to address the problem of high prices for flu vaccine...
Assume that the government is planning to address the problem of high prices for flu vaccine in an effort to lower flu incidence. You are hired as an economic consultant to decide upon what kind of a policy to implement in order to improve both the accessibility and affordability of flu vaccine for consumers. Which of the following policies would most likely achieve the goal? a. A price ceiling. b. A price floor. c. A subsidy to the producers. Using...
Scenario. Big Data predicting the uncertainties (15 marks) A groundbreaking study in Bangladesh has found that...
Scenario. Big Data predicting the uncertainties A groundbreaking study in Bangladesh has found that using data from mobile phone networks to track movements of people across the country help predict where outbreaks of diseases such as malaria are likely to occur, enabling health authorities to take preventive measures. Every year, malaria kills more than 400,000 people globally and most of them are children. The different type of data, including information provided by the Bangladesh ministry of health, are used to...
Read article “Coronavirus vaccine trials: Chinese volunteers recount their experiences” Then explain, in detail, how you...
Read article “Coronavirus vaccine trials: Chinese volunteers recount their experiences” Then explain, in detail, how you would design the experiment to test the vaccine and then how you would analyze the data after the experiment. If you simply repeat the information from the article, you’ll get no 3 credit (I’ve read the article). So you must offer useful information beyond (not mentioned in) the article. Use table or graph if necessary. There is no unique correct answer so your grade...
1. Face-to-face interaction in negotiations has been found to: 2. The most critical barrier to a...
1. Face-to-face interaction in negotiations has been found to: 2. The most critical barrier to a creative decision is: 3. How can a sure loss be presented in a less unattractive way? 4. What explanation does the book provide for the fact that people are loss-averse, but still accept the sure loss of paying insurance? 5. A product’s transactional utility is contingent upon: 6. A rational valuation of an asset is based on: 7. A software company is looking to...
1)how is coronavirus a) financial problem b) economy problem and c) health prob 2what is the...
1)how is coronavirus a) financial problem b) economy problem and c) health prob 2what is the interpretation of 3stakeholders view on coronavirus virus 3 identify a key solution and action plan for implementation
a) Has globalization ended with the coronavirus (Kovid-19) pandemic? How will this coronavirus outbreak crisis affect...
a) Has globalization ended with the coronavirus (Kovid-19) pandemic? How will this coronavirus outbreak crisis affect the international financial system? Please explain minimum 3 pages
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT