Answer to Question 1
Robert claims that a 5 reduction in unemployment will lead to a rise in a 2 in inflation. This statement represents predictions that can be verified with data. Therefore, Robert's approach is positive, which means it is an analysis of things as they are. Positive economics describes what has happened or predicts what will happen. The conclusion of his statement can be verified with data and is not subject to his tastes and preferences.
Janet claims that inflation is a far bigger problem than unemployment and should be addressed with prime importance. Janet's statement is normative. Normative economics is analysis that recommends what people ought to do. Unlike Robert's statement, Janet's belief that inflation is a bigger problem than unemployment is based on her values and/or ethical judgments. Therefore, while Robert's statement is descriptive in nature, Janet's statement is advisory.
Answer to Question 2
a. If the market is competitive and left unregulated, 4 million doses will be administered.
b. If the Foundation underwrites the cost of the vaccine, the marginal cost of the vaccine will dro
Robert May
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