Question: Fully vaccinating all U.S. children born in a given year saves 33,000 lives, prevents 14 million infections, and saves $10 billion in medical costs. Part

Fully vaccinating all U.S. children born in a given year saves 33,000 lives, prevents 14 million infections, and saves $10 billion in medical costs. Part of the reason is that vaccinations protect not only the kids that receive the shots but also those who can’t receive them—such as newborns and cancer patients with suppressed immune systems.
a. Describe the private benefits and external benefits of vaccinations and explain why a private market for vaccinations would produce an inefficient outcome.
b. Draw a graph to illustrate a private market for vaccinations and show the deadweight loss.
c. Explain how government intervention could achieve an efficient quantity of vaccinations and draw a graph to illustrate this outcome.

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a The private benefit is that the child who is vaccinated is protected from an ailment The external benefit is that others also are protected because ... View full answer

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