Measles are a rash that spreads all over the body. The Measles virus is highly contagious and spreads through the air through coughing and sneezing. Getting vaccinated helps prevent contracting the measles, it also helps prevent the spread of this disease. The diagram below represents the market for Measles Vaccinations.
Part 1: Draw and label the supply and demand curves for Measles Vaccinations.
Part 2: Use the double drop line tool to identify the market equilibrium quantity and price (Qm & Pm).
Part 3: Using the copy tool to duplicate the demand curve, draw a demand curve showing the social value from becoming vaccinated and label it Social Value.
Part 4: Use a double drop line tool to identify the efficient equilibrium quantity and social value (Qe & Pe).
Part 5: Use triangle tool to identify the dead weight loss associated with the private market vaccination solution and label it D-W-Loss.Make sure that you have labeled everything appropriately.