Hello, Im going to include 2 sets of questions and let you pick whichever one you think you can answer to the best of your ability. You only need to answer ONE set of questions…QUESTION 1A)why might a Covid-19 vaccine create positive externalities? (30%)B)Using the relevant economic intuition explain why individuals are more likely to underuse or overuse face masks against Covid-19 infections (30%)C)Draw a graph of the Covid-19 vaccine market, illustrating the demand curve social demand curve, and supply curve. On your graph, indicate the perfectly competitive output of vaccines and the socially optimal output. (40%) QUESTION 2(1) In an economy, there are a total of 20 units of labor and 10 units of capital that can be allocated to produce food or clothing. (40%)a. Draw the production Edgeworth box.b. Using isoquants, illustrate a Pareto-efficient allocation of labour and capital between thefood and clothing sectors.c. Using isoquants, illustrate a Pareto-inefficient allocation of labour and capital betweenthe food and clothing sectors.(2) What is the First Welfare Theorem? What conditions are required for it to hold true? (30%)(3) I will attach a table that shows the utilities of Alain, Brigitte and Celine under three different states of the world. Using (a) the Utilitarian and (b) the Rawlsian social welfare functions, rank the utility outcomes from the most to least desirable (30%)Please include relevant sources
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