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Consider the following aggregate economic data regarding all the health care goods and services in a given country: Tylenol X-ray Physical therapy Year Price Aggregate expenditures Price Aggregate expenditures Price Aggregate expenditures 2010 3 60 100 1,000 10 500 2011 4 80 40 2,000 70 1,750 2012 5 75 45 3,375 75 900 Assume that the typical basket of goods for an average consumer contains one X-ray, two sessions of physical therapy, and three packs of Tylenol. a. For each of these three health care goods and services, is the increase in aggregate expenditures over time due to higher prices or higher utilization or a combination of the two? Show your work. b. Compute the CPI for all three years using 2010 as the base year. Show your work. c. What is the inflation rate between 2010 and 2011? Between 2010 and 2012? Between 2011 and 2012? Show your work. d. Explain one of the potential problems with using a simple Laspeyres index to measure medical inflation.
What kinds of people are most likely to have their utility reduced by such a law. Why do you think that the government requires such insurance.
The AD/AS model is useful in predicting the effects of various shocks and policy changes on an economy. The model is based on goods and services being exchanged in well-functioning markets. In general, however, markets are not always perfect. How wou..
Market demand is given by P = 140 -Q. There are two firms, each with unit costs = $20. Firms can choose any quantity. Find the Cournot equilibrium and compare it to the monopoly outcome and to the perfectly competitive outcome. Why aren't the latter ..
The broader measure M2, however, since it encompasses most significant forms of money individuals may hold, resolves the problem. The shifts in asset holdings take place WITHIN the broader measure. Explain why M2 velocity should be more predictable ..
Using the midpoint method, calculate the price elasticity of demand for winter wheat.
Assume you are the new manager of a local company. In addition to demonstrating your managerial skills during the interview for the position, the Vice President of Human Resources (HR) was impressed with your positive and charismatic attitude. Will y..
get an answer from tutors to this homework question nowassume which the gross national debt initially is equal to 3
In each of the following situations, what type of unemployment is Melanie facing? Explain.
For the closed-economy, one-period model, suppose that U (C, l) = min (C, β × l), and F (K, N) = αK + δN, where β > 0, α > 0, and δ > 0. Determine consumption, employment, output, leisure, and the real wage in a competitive equilibrium, and explain y..
Explain how the Fed's use of its three tools of monetary policy affect supply and demand in the market for reserves and the equilibrium federal funds interest rate.
ASW Publishing, Inc., a small publisher of college textbooks, must make a decision regarding which books to publish next year. The books under consideration are listed in the following table, along with the projected three-year sales expected from ea..
How does a bankers acceptance differ from an ordinary check? Rank the following instruments from most liquid to least >1$bill, share of ibm stock, municipal bond issued in alaska, treasury bill.
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