Write a brief essay (~3 paragraphs or 10-15 sentences should likely suffice) in response to each of the two prompts below. Your answer should rely on concepts and analyses we have covered so far this semester. Question 1 Using both a diagram and words, explain what it means for an outcome to exhibit "economic efficiency" and explain why economic efficiency is a desirable feature for a market to exhibit. Then, using an example discussed in class, explain why an outcome that exhibits economic efficiency may be considered undesirable. In doing so, propose a policy that reduces economic efficiency but is arguably better for society. Question 2 When a person gets vaccinated against an infectious disease, there are public health benefits to others in her community, who are then less likely to become infected. Using concepts discussed in our course as well as a diagram, explain why we might not expect the private market to generate the efficient level of vaccinations Then, consider these 4 policies: vaccination tax; vaccination subsidy; vaccination price floor; vaccination price ceiling. Which of these policies, if any, would you expect to move society closer to the efficient level of vaccinations? Explain why. Use your diagram (or a new one) as part of your explanation