ECON1020-Principles of Economics Analyses - Economics Assignment Help

Assignment Task

Task 

Principles Of Economics

Address Questions 1-4 within the maximum word count, which is the absolute maximum. Any number of words less than or equal to the maximum can achieve a high mark as long as you meet the standards in the rubric. Revise your discussions before submission to enhance brevity and clarity. Indicate the word count at the end of your answer to each question.

PART 1 
Vaccine development has traditionally taken years or even decades, meaning that the development of vaccines critical to fight new infectious diseases tends to occur after much of the damage has already been done. However, recent advances in computational biology, artificial intelligence and machine learning, combined with the new messenger RNA (mRNA) vaccine technology platform, are set to revolutionise the medical world and transform vaccine development, ushering in a "new era of vaccines".

AI and machine learning can help infectious disease researchers by recognising patterns in large datasets that may point to potential cells for vaccine to target, or to ensure antibody binding, for example. Humans tend to find it difficult to process such large amounts of information on our own, so AI and machine learning help by greatly improving the rate of vaccine development by automating these important tasks. The following articles provide further detail:
• Kenen, J., 'Welcome to the new era of vaccines', Politico, April 16, 2021.
• Fast, E & Chen, N., "Can artificial intelligence help us design vaccines?', Brookings, April 30, 2020.

Q1. Consider a firm that employs a team of scientists that perform research and development of vaccines targeting new viruses. Recently, the team was told that some members were to be replaced by a team of data scientists who have machine learning expertise and would be developing a programs to automate the identification of new vaccine targets. Using the information above, analyse the impacts the firm's restructuring decision will have on the  team's costs, productivity and overall technological makeup.

You should create two models to help convey your ideas:

• an isocost model of the firm's technology choice with the amount of human intelligence on the vertical axis and the amount of artificial intelligence on the horizontal axis
• a model of the firm's production function with the amount of human intelligence on the horizontal axis and the number of new vaccines on the vertical axis. Explain the key information of your diagram.

Q2. Does the decision to restructure the team's operations lead to a Pareto improvement?

PART 2 
In order to eradicate or at least contain the risk of COVID-19 outbreaks and achieve some return to normality, a substantial proportion of a country's population must be fully vaccinated. In Australia, the national cabinet has set a 70% vaccination rate to leave lockdowns behind, and an 80% rate to relax border restrictions and other measures. One tool at our disposal for achieving this is by mandating vaccines. Various governments around the world have "mandated" vaccines for a number of other diseases throughout history, usually by imposing some sort of penalty on those who choose not to get vaccinated. Despite its long-term use, mandatory vaccination policies have drawn strong criticism from some groups and have been latched onto by protestors around the world as evidence of government overreach. Read this article on the history of vaccine mandates and their pros and cons, and answer the following questions:

Q3. Discuss the social dilemma associated with the vaccination of populations against infectious diseases, including COVID-19.

Q4. Evaluate the ethical acceptability of a policy of mandatory vaccinations using two ethical frameworks; i) the consequentialist framework, and ii) the deontological framework. When evaluating this policy, you should:

• Define each framework.
• Explain the reasoning behind the judgement for each framework.
• Make an argument for or against the policy based on the framework that you think is most important.

You must cite at least one reputable source from your own research. Use the source(s) to support your argument; do not simply quote the source. Include the full reference at the end of your answer, which will not count towards the word limit. Use a standard referencing system (e.g. Harvard style).

You may use the following resources to help find reputable sources and cite them:

• Referencing guide from MQ Library website.
• Webinar recording: Critical Thinking and Persuasive Writing (by Dr Danielle Kent

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