Identify point at which productive efficiency is achieved

Assignment Help Managerial Economics

Reference no: EM131188672

At what point does more not equal better? That is a question many economists struggle with, but when the consumable good is years of life, everyone turns into an amateur economist.

Refer to Figure 1 in The Pragmatist's Guide to Comparative Effectiveness Research article. When responding to your classmates, be sure to use both cost (factor inputs) and survival (quality life years) in your retort. Which point on the curve do you advocate for and why?

Note: Figure 1 displays the association between factor inputs on the horizontal axis and survival/quality of life on the vertical axis. Point A falls far short of the production possibility frontier (labeled PF).

Comparative effectiveness analysis can help the movement towards productive efficiency (point B), while cost-effectiveness analysis would identify the point at which productive and allocative efficiency is achieved (point C).

Reference no: EM131188672

Questions Cloud

How many seconds from the time the driver : A) How many seconds from the time the driver of the blue car first noticed it until the red car passes the blue car? B) How much farther down the road will the blue car travel in this time?

Calculate project payback period and internal rate of return : Hurdlevack Ltd relies on the payback method of project evaluation, requiring that investments repay capital within three years. Calculate each project's payback period and state which alternative should be accepted based on this criterion. Calculate ..

Is it permissible to torture a person : IS IT PERMISSIBLE TO TORTURE A PERSON- Present a main argument in standard form with each premise and the conclusion on a separate line.

How far has he traveled since noon : Starting at noon, John drives north along a highway at a speed of 70 m/hr until 2:30 pm. How far has he traveled since noon?

Identify point at which productive efficiency is achieved : Comparative effectiveness analysis can help the movement towards productive efficiency (point B), while cost-effectiveness analysis would identify the point at which productive and allocative efficiency is achieved (point C).

Important impact on economic activity : What three legal doctrines had an important impact on economic activity during the first period of US national development? Explain their impact?

What are the primary problems faced by law enforcement : What are the primary problems faced by law enforcement in protecting the U.S. borders? What is law enforcement currently doing to staunch the flow of illegal aliens into the United States?

What is the stated purpose of the program : What were the traditional policies regarding community relations? Explain. Conduct a search, or contact your local law enforcement agency to find out if the department has a foot patrol, bicycle patrol, scooter patrol, horse patrol, etc.

Explain advantages of using a gantt chart over a pert chart : Examine the advantages of using a Gantt chart over a PERT chart and vice versa. Determine when it is appropriate to use one over the other. Justify your response.

User Account

All Pages