Tuition and Influenza Vaccine

TUITION AND INFLUENZA VACCINE Name: Institutional Affiliation: Tuition and Influenza Vaccine Part A 1 Conditions That will prevail if tuition is held below equilibrium price In the event that tuition is held below the equilibrium price, it is essential to note that institutions of learning will receive more people who would want to attend their universities, a number that may turn out to be a challenge for the university system to educate successfully (Lei, Liu, Deng, Huang, & Leong, 2014). This clearly determines the universities approach in retaining admission through an approach aimed at raising the institution's admission standards with the aim of cutting out some of the students who never attained the best high school grades from the system. An example of this can be viewed in an instance where the market price of textbooks is below the equilibrium, with the demands of consumers represented in the horizontal distance displayed in the vertical axis and the demand curve tends to be greater than the quantity of supply as represented in the distance between vertical and horizontal axis, thus the curve determines the products price to be initiated (Lei, et.al.2014) 2 Equally accessibility of education under these conditions On The other hand, the sizes of classes at the state universities are likely to swell up, an aspect that would result in some of the student's inability to be admitted for some of the courses they would like to undertake (Liu, 2016). This clearly determines the fact that education would not be equally accessed under these conditions. An example of this can be established from the sale of textbooks below the equilibrium, an aspect that would result in an increase in need and consumption in demand of this product that exceeds the quantity of supply (Liu, 2016). When prices are below the equilibrium, the market tends to encounter pressures that would result in the subsequent rise in price since the quality demand exceeds the supply. This pressure is bound to increase until prices return to equilibrium. Part B 1 The private market for flu vaccinations production of inefficient outcome. Flu shots are injections that are given to individuals with the aim of reducing their chances of contracting flues from other people. Getting a flu shot therefore protects an individual; however, in the event that the disease is contagious, it reduces the chances of other people contracting the flues (Liu, 2016). As a result of this, it is significant to detail that the private market would product fewer flu shorts that would be considered socially best. In a market, consumers are bound to consider the extra benefits they acquire when they buy a unit including its good and the extra cost they are likely to get when they purchase such a good (Liu, 2016). This remains a comparative approach that underlies the demand for goods. Consumers are therefore likely to take into consideration the extra benefits of a product and not the benefits that accrue from others. When a product creates a positive e...