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Nobel Laureate Robert Fogel of the University of Chicago has argued, "Expenditures on healthcare are driven by demand, which is spurred by income and by advances in biotechnology that make health interventions increasingly effective."
If Fogel is correct, should policymakers be concerned by projected increases in health care spending as a percentage of GDP? What objections do some economists raise to Fogel's analysis of what is driving increases in spending on health care?
The existence of only three big U.S. auto manufacturers is evidence that the market structure is anti-competitive and that antitrust laws are being broken. Measure this assertion.
Price elasticity of demand for two customer segments
What is opportunity cost and describe with the help of an example, why assumption of constant opportunity cost is very unrealistic and also calculate point elasticity of demand
Which of the following is an example of a demand shock? a) Hurricane Harry knocks out oil drilling platforms in the Gulf of Mexico. b) Consumers become worried about job loss and buy fewer goods and services than expected.
Briefly summarize your views on whether the total expenditures for health care in the United States are too high. Provide your rationale, including the criteria you are using for your assessment.
Given a 15% raise in a good's price and a 25% decrease in quantity demanded for good by consumer, which of the following types of elasticity best describes the demand curve for the consumer?
Derive the equation of the consumer's demand curve for x and with y on the vertical axis and x on the horizontal axis, draw a price-consumptioncurve when the price of x changes.
How might prohibitions on advertising affect the cigarette industry in the short run, and in the long run using a Prisoner's Dilemma sort of argument.
What is an instrumental variable and Angrist and Krueger use quarter of birth as an instrument for education and explain why quarter of birth may affect education
The demand and supply equations in a market are given as Q = 30 - 2P and Q = 10 + 2P. If the government imposes a tax of $0.50/unit on the suppliers,
Forecast the data for 2000 again in problem 1 with exponential smoothing with w=0.3 and w=0.7. Compare RMSEs for moving average and exponential smoothing forecasts to answer if this is a better forecast than the moving average?
.if individuals are free to produce whatever goods they want, then when excess profit is being made, more people will enter into the production of that good and consumers will benefit as the price is pushed down.
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