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A common news story in any jurisdiction with single payer health care systems - for example, in Canada their socialized system does not allow private health care alternatives - is the battle that pits the government health system's refusal to pay for treatment against someone with a rare disease. Invariably these rare disease treatments are i) expensive ii) experimental (i.e., unproven).
a. Assume there are two treatments for two illnesses, call them 1 or 2. Assume the cost per treatment is c1 and c2. Rewrite the equi-marginal condition with these new variable names. If budget funds are allocated along this rule, what does this imply about the total value of health care provided, given the funds available?
b. Is the refusal to employ expensive and experimental treatments consistent with the condition in (a)? Explain.
A new vehicle costs $20,000. Its salvage value decreases 15% per year. Its maintenance is estimated to be $700 at the end of year 1, $1,400 at the end of year 2 etc. At a MARR of 10%, what is its economic service life in years?
On a specific plot of land, X = 20L1/2 ; where X is the level of output in bushels of wheat, and L is the number of workers hired. Assuming that each worker receives a real wage equal to 1 bushel of wheat, calculate the maximum rental value of the la..
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A multiplex movie theater estimates the week-end demand for afternoon shows to be D(p) = 1000-80p and the demand for evening shows to be D(p) = 1000-50p. The maximum seating capacity of the theater is 550 and the marginal cost is zero (e.g., variable..
To Vote or Not to Vote: Mr. and Mrs. Ward typically vote oppositely in elections and so their votes “cancel each other out.” They each gain two units of utility from a vote for their positions (and lose two units of utility from a vote against their ..
What is the mechanism by which the "invisible hand" pushes markets to equilibrium? Explain the two main causes of market failure and give an example of each. What is the difference between a positive and a normative statement? Give an example of each..
Draft a research proposal to identify the problem also suggests a methodology for recommending a solution.
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