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Write 400-600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas:
Health economists use demand and supply theory to discuss the "Health Insurance Exchange" created by the Affordable Care Act (Obamacare). Mandated by law everyone now must have health insurance.
Discuss the following:
How would the law affect the demand for health insurance? Why?
How would the law affect the average price of health insurance? Why?
How would the law affect the supply for health insurance? Why?
Explain how would the number of workers hired (variable input) change. This is a profit maximizing firm, also explain the profit maximization condition the firm uses.
Assume that there are two countries, Argentina and Brazil, each producing wheat and wine from capital labor. Suppose that Argentina has abundant capital and scarce labor when compared to Brazil; that wheat is capital intensive relative to wine.
Taco Bell gives free tacos from 2 - 5pm. Suppose they make 500 tacos per hour and total costs are $1000. Assume the firm is operating at minimum costs.
Discuss the optimal method for procuring a modest number of standardized inputs that are sold by many firms in the marketplace. What are the promary advantages and disadvantages of using this method to acquire inputs?
Determine the price elasticity of demand for a resource. Why is it important and what is it used for.
Suppose Congress cuts spending for the military, and then unemployment rises in the U.S. defense industry. Is there causation in this situation, or are we observing an association between events?
Explain how an individual's Demand curve for medical care will change (i.e., shift) if the following things happen (consider each change individually, holding all other possible influences constant.
Give the utility function U(x, y) = (x-4) 1/2 (y-2)- 1/2 , what is the minimum income needed to ensure positive utility?
Save their domestic industries from facing any competition. It is an unrealistic approach as all the countries endeavor to achieve the same objective.
Illustrate what are the three recommendations you would make to him to improve the overall effectiveness of the economy.
Organization where the market demand is given by QD = 1,500 - 40P, in the long-run equilibrium there will how many firms.
Prefer this existence of incomplete specialization. Which is (are) inconsistent with the incomplete specialization we observe in China.
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