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The price elasticity of demand for health care has been estimated to be ?0.2. Characterize this demand as price elastic, unit price elastic, or price inelastic. The text argues that the greater the importance of an item in consumer budgets, the greater its elasticity. Health-care costs account for a relatively large share of household budgets. How could the price elasticity of demand for health care be such a small number?
As Malcolm Gladwell points out in his article "High Prices," increases in drug spending are more the result of increases in drug utilization then in increases in drug prices. Why is this relevant to the debate over whether something should be done..
For simplicity, let's assume that every household has a marginal propensity to consume (MPC) of 0.75. If the government implements a fiscal policy involving its purchases of goods and services
Assuming that poor and rich countries have the same production function, illustrate how the poor country will converge with the rich country. Describe how this mechanism works. 2. In the data, countries with low living standards have capital-to-wo..
Discuss and explain japans slow economic growth over the past few decades and the projection that this will continue.
Behavioral economists believe that people do not always act in ways the traditional economic framework suggests they should which of the following are examples of this? check all that apply (why) 1. Some people treat $100 they earn differently fro..
Two banks have lent $20million each to a country in an Emerging Market. Bank A has total assets of $220 million and a capital to total assets ratio of 7 percent. Bank B has total assets of $350 million and a capital to total assets ratio of 6 perc..
Which one, shirts or sweaters, has a demand elasticity that will allow you to increase the price, sell fewer units BUT still increase your revenues?
Suppose that the economy is already in recession, and both President and Congress have declared to do something to restore the economy.
Suppose a persona quits a job paying $40,000 per year and starts a business with $100,000 withdrawn from a money-market account earning 8 percent per year.
Find an expression for the marginal product of labor, MP L , when the amount of capital is fixed at 16 units, and then illustrate that mardinal producer of labor depends on the amount of of labor hired by calculating the marginal porducto of labor..
What are the monopolist's profit-maximizing output and price and what is the resulting deadweight loss relative to the competitive outcome?
Why does the assumption of independence of risks matter in the examples of insurance? What would happen to premiums if the probabilities of houses burning were positively correlated?
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