Problem
Recently the FDA approved a vaccine for HPV manufactured by Merck Co. and will likely approve a similar vaccine made by GlaxoSmithKline this year. (HPV is a virus that causes most cases of cervical cancer in women.) Currently there is a huge debate in several states over requiring the vaccine for girls by age 12.
a) What kind of market failure would support this regulation? (Hint: Think about public goods, externalities and google "herd immunity"). Explain. Be complete and use the language of economics.
b) What kind of government failures could result? Explain. Be complete and use the language of economics.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.