Answer each question fully but your response should be no less than 200 words. Practice referencing and citing in APA format. · Page 366 question 6 · Page 389 exercises 3 and 6 · Page 406 question 9 6. In 2004 Congressman Dennis Kucinich proposed the Free Market Drug Act. This legislation would have removed patent protection on drugs developed with public funds and given control over pharmaceutical R&D to the National Institutes of Health (NIH). Evaluate this type of proposal in terms of the effects on price competition and level of innovation. 3. Is it possible to find a point on the contract curve that is not a competitive equilibrium? 6. In Figure 18-7 which depicts the utility-possibility frontier would society ever choose an inefficient point (inside UU) as the optimal point? FIGURE 18-7 The Utility Frontier and Social Welfare Maximization: Preferences Favoring Belinda.0/msohtmlclip1/01/clip_image002.jpg”> 9. Some economists propose a tax policy that would allow individuals who purchase their own insurance to deduct these costs as well as all out-of-pocket costs for healthcare from taxable income. Explain how this policy could help offset the bias toward more comprehensive insurance resulting from the preferential tax treatment of employer paid insurance.
