12. In the television show Scrubs, the main character J. D. is a competent and knowledgeable doctor. He also has very little information outside of the field of medicine, admitting he doesn't know the difference between a senator and a representative and believes New Zealand is near "Old Zealand." a. Suppose J. D. spends some time learning some of these common facts. What benefits would he receive as a result? (Assume there are no benefits for the sake of knowledge itself.) b. Suppose instead J. D. spends that time learning how to diagnose a rare disease that has a slight possibility of showing up in one of his patients. What benefits would he re- ceive as a result? (Again, assume there are no benefits for the sake of knowledge itself.) c. Make an economic argument that even given your answer to part b, voters have too little incentive to be informed about political matters.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question
12. In the television show Scrubs, the main character J. D. is a competent and knowledgeable
doctor. He also has very little information outside of the field of medicine, admitting he
doesn't know the difference between a senator and a representative and believes New
Zealand is near "Old Zealand."
a. Suppose J. D. spends some time learning some of these common facts. What benefits
would he receive as a result? (Assume there are no benefits for the sake of knowledge
itself.)
b. Suppose instead J. D. spends that time learning how to diagnose a rare disease that has
a slight possibility of showing up in one of his patients. What benefits would he re-
ceive as a result? (Again, assume there are no benefits for the sake of knowledge
itself.)
c. Make an economic argument that even given your answer to part b, voters have too
little incentive to be informed about political matters.
Transcribed Image Text:12. In the television show Scrubs, the main character J. D. is a competent and knowledgeable doctor. He also has very little information outside of the field of medicine, admitting he doesn't know the difference between a senator and a representative and believes New Zealand is near "Old Zealand." a. Suppose J. D. spends some time learning some of these common facts. What benefits would he receive as a result? (Assume there are no benefits for the sake of knowledge itself.) b. Suppose instead J. D. spends that time learning how to diagnose a rare disease that has a slight possibility of showing up in one of his patients. What benefits would he re- ceive as a result? (Again, assume there are no benefits for the sake of knowledge itself.) c. Make an economic argument that even given your answer to part b, voters have too little incentive to be informed about political matters.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Conventional Mechanism
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education