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The Production Possibilities Model is one of the first Economic Models students learn about. a. Please explain what the mode teaches us. b. Please explain each of the 4 assumptions of the model. c. Please explain Productive Efficiency and how it relates to the ppc. i. Define it and explain how it relates to the ppc. d. Please explain Allocative Efficiency and how the point of AE is found. i. Define it, ii. Discuss the significance of allocative efficiency relative to the model iii. Explain the 2 step process for finding the point of allocative efficiency on the PPC. e. On the topic of Economic growth: i. What does it mean? ii. How can it be graphically represented? iii. What are the prerequisites to Economic growth? iv. Why is Economic growth important? v. What factors tend to limit growth? f. The Presentville – Futureville case: 1. Explain what motivates each group to make decisions. 2. Explain the impact of those decisions on the future of each group. 3. Explain the relevance of this case for the U.S. Economy. 4. What does this case teach you? g. Law of increasing opportunity cost: 1. What does it tell us? 2. How could it be explained graphically? h. Explain how you could use the Production Possibility Model to represent the US Economy during 2008 – 2010.
In order to partially address the problem of obesity, suppose that the U.S. government is considering a tax on chocolate! Assume that before the tax, the market for chocolate is perfectly competitive and can be represented by: QD = 5000 – 25P, and QS..
Respond to each of the following questions in 150-200 words each covering the economic topics and concepts described in chapter 9 and 10 of the text, Essentials of Health Economics.
If a firm is very dependent on firm-specific human capital then is should: a)develop programs for sending employees to the local university b) create a extensive internal labor system for career advancement c) offer compensating differentials for har..
Can you share the economic development strategies also quote some examples of Elucidate how Singapore also US use them.
The government modifies the consumption tax somewhat so that the first $20k of consumption in each period is tax free. Now graph the budget constraint.
A hydraulic press has the book value of $10,143 in its fifth year of operation. The purchase price of the press was $21,512. If the minimum acceptable rate of return is 11%, what is the equivalent annual capital cost of the press at the end of its fi..
Suppose there are two groups, a high price group and a low price group. Assume the monopoly has no fixed costs such that operating with a loss corresponds to operating where revenue is less than variable production costs. Also assume that if the mono..
Grades on a final exam in Economics are normally distributed with a mean of 71 and a standard deviation of 11. What is the probability that a randomly selected student will receive a score greater than 80? What is the probability that a randomly sele..
Within the context of responsible stewardship, provide an argument for or against workers' rights to organize unions and bargain collectively from and ethical, social, and/or legal point of view.
Open a pizza restaurant and is considering either selling the bonds and using the 100,000 to start his restaurant or borrowing the 100,000 from a bank which would charge him an annual interest rate of 7 percent.
A large, well-established home insurance company writes insurance policies to cover losses from fire, theft, and vandalism. In a recent financial review, managers discovered that company performance was lagging behind projections. Do the actuaries ha..
Evaluate the impact of one of the following? The development of the modern health insurance industry, Medicare and Medicaid, or the Hill-Burton Act of 1946? On the development of the hospital system. How might our hospital system be different today h..
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