A vaccine costs $200 per patient. Administration of the vaccine to 1,000 people is expected to...
A vaccine costs $200 per patient. Administration of the vaccine to 1,000 people is expected to increase the number of pain free days for this population from 360, 000 to 362, 000. Calculate the cost per additional pain free day due to vaccination. Is this a good investment?
Homework Answers
For 1000 people the number of pain free days are increased by 2000. This implies that for every individual pain free days are increased by 2. Each patient experiences a cost of $200 for vaccination which means that the cost of 2 pain free days is $200 and the cost of one additional pain free day is $100
This investment doesn't appear to be good enough because the number of pain free days are increased only by 2 you and the cost of each pain free day is $100 while we have not been given any e marginal benefit in terms of dollars.
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