A%it/11; Alit I Oi 41 \Ill I itoi \two, I" t I 01fistiiiiii ilk.11:041 itiii‘411 'tiut, I I " 11...

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Robert · Accepted Answer

Question 1 
With regards to consumption of any given product or service, there are externalities or 
external effect attached which are relevant for decisions related to allocation of scarce 
resources. This is the case with vaccines as well (Nicholson & Snyder, 2011). The importance 
of vaccine and the underlying resources that are spent on vaccination of various diseases 
including chickenpox stems from the social benefits In the form of reduced risk of virus 
spreading to other human beings and thereby paving way for the spread of a potential 
epidemic. In order to control such a situation, significant financial and human resources may 
have to be diverted and there would be loss of economic output. This potentially can be 
avoided through the use of vaccine and hence it is associated with a high positive externality 
(McAfee & Lewis, nd).
Question 2 
In the event of vaccine not being mandatory, the rate of vaccination would be driven 
on the basis of the marginal private benefit while being indifferent to the immensely large 
marginal social benefit.

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