3. External benefits Aa Aa Medical research confers several benefits on society: a better understanding of health, cheaper medical treatments, a generally healthier public, and so on. Therefore, the market quantity of medical research is not equal to the efficient quantity. The following graph shows the demand for medical research (its private value), the supply of medical research (the private cost of producing it), and the social value of medical research (including both private benefits and external benefits). On the graph, use the black point (X symbol) to indicate the market quantity. Next, use the purple point (diamond symbol) to indicate the efficient quantity. (Hint: Place the points at the appropriate equilibria. Drop lines will extend to reveal the quantities.) Finally, use the red triangle (cross symbols) to shade the area representing the deadweight loss caused by the externality. PRICE OF MEDICAL RESEARCH Supply Private Co Market Quantity Efficient Quantity Deadweight Loss Social Value Demand Private Valuel QUANTITY OF MEDICAL RESEARCH HelpClear ALL To bring about the efficient quantity of medical research, the government could subsidize medical research. bsidize tax QNA 3.16 © 2004-2016 Aplia. All rights reserved. Graphs Tool 1.SS © 2002-2013 Cengage Learmng. All rights reserved. © 2013 Cengage Learning except as noted. All rights reserved. Grade It Now Save & Continue
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