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A common news story in any jurisdiction with single payer health care systems - for example, in Canada their socialized system does not allow private health care alternatives - is the battle that pits the government health system's refusal to pay for treatment against someone with a rare disease. Invariably these rare disease treatments are i) expensive ii) experimental (i.e., unproven).
a. Assume there are two treatments for two illnesses, call them 1 or 2. Assume the cost per treatment is c1 and c2. Rewrite the equi-marginal condition with these new variable names. If budget funds are allocated along this rule, what does this imply about the total value of health care provided, given the funds available?
b. Is the refusal to employ expensive and experimental treatments consistent with the condition in (a)? Explain.
There are two firms in the market that produce pencils. The first firm’s marginal cost curve is given by MC1 = 0.055Q, while the second firm’s marginal cost curve is MC2=0.026Q. Society's benefits are given by 250-4.71Q. What is the consumer surplus ..
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The biggest difference between Microsoft and software retailers is the market structure in which they operate.
Suppose the demand for a movie ticket can be written as: If the cinema can offer tickets to a movie at zero marginal cost and can verify the purchaser’s age, what prices will be charged?
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Illustrate what happens to your tax bill and to your average and marginal tax rates if your income rises to $40,000.
The Equation of Exchange is given as MV = PY , where M= the nominal money supply, V= the velocity of money, P= the price level and Y=real GDP. What is the Monetarists’ argument (based on the quantity theory of money) about an increase in M? Explain a..
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