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Answer the following questions related to the Grossman model:
(a) Explain the difference between health being considered as (i) investment good and as (ii) consumption good.
(b) One can derive a demand function for health and for medical services from the Grossman model. Explain the differences between the two demand functions. Why does demand for health and for medical services depend on age?
(c) In richer countries, expenditure on medical services is higher. Explain this fact using the Grossman model.
Moral Hazard: Read the article by Pauly (1968) that is posted under reading assignments. Explain why on page 533 in Pauly (1968) the individual would have to pay 112.5 MC for the insurance policy.
Patient A buys 4 doctor visits at $20 a visit and 6 visits at $10 a visit. What is the price elasticity of his demand for visits? If in addition to the money price he has to spend $30 in waiting and commuting, what is the full price elasticity? The latter factors in the "total price" of a doctor visits.
If a representative firm with total cost given by TC = 20 + 20q + 5q2 operates in a competitive industry where the short-run market demand and supply curves are given by QD = 1,400 - 40P and QS = -400 + 20P, the number of firms operating in the sh..
Discuss the potential risks of using Web 2.0 tools. Provide several examples. What are the benefits of "build-to order" to buyers and sellers? Are there any disadvantages?
Describe benefit and cost externalities. List the reasons for lack of optimal allocation of resources in each case. Explain the need for government intervention in case of market failure due to externalities. Explain why government intervention may n..
Calculate the quantity demanded at prices of $5, $4, and $3 and calculate the prices necessary to sell 1,250, 1,500 and 1,750 thousand s of five gallon containers.
Political Economy GV307 : Consider the model of “no theft” where the consumer pays the official government price plus a bribe in order to obtain X. Assume that the official marginal revenue for selling the good in this context is given.
Whats her expected utility of having a car without insurance and what would be the price of a "Fair" full insurance plan? Would Chen buy full insurance for her car at this price
Choose a United States firm with global operations. Discuss the company's activities outside the United States
Movie theaters often offer decreased rates for children under ten. This suggests that tht demand for adult admission is
What is your monthly loan payment? What is your yearly loan payment and what is your yearly depreciation? What is the book value of the property at the end of ten years?
Does this case illustrate the law of diminishing marginal productivity and in this case, less and less of a single factor, labor, is being used. Does this have anything to do with the law of diminishing marginal utility?
Interpret the coefficients of the regression model. Which independent variable has the strongest impact on the dependent variables
Ajax, Inc. has appointed you to examine the demand for its line of telecommunications devices in 35 different market areas.
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