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Question: Consider carefully the following quotation: "[E] conomists seem always to talk about the cost of medical care, as if that kind of spending were a bad thing. After all, where does the money go? To doctors, nurses, and the makers of medical supplies. Don't they buy diapers and pasta and cars? Would the nation be better off with more boom boxes and less penicillin, more nail polish and less antibacterial ointment? What difference does it make how money is spent, as long as it changes hands and results in employment?" [New York Times Magazine, December 12, 1993 p 28] a. Do economists view spending on health care as a "bad thing"? The last sentence in the quotation suggests a criterion for evaluating spending on health care. What criterion would an economist use?
The manager of a national retailing outlet recently hired an economist to estimate the firm's production function. Based on the economist's report, the manager now knows that the firm's production function is given by Q=K^(1/2) L^(1/2)
The government spends 80, financed by borrowing, to provide public services. If autonomous consumption plus investment is 210 and the marginal propensity to consume MPC = 0.8, what are the equilibrium real GDP values before and after the governmen..
A 40-day strike at Boeing resulted in 50 fewer deliveries of commercial jetliners at the end of the first quarter of 2000. At a cost of $20 million per plane, what was the equivalent end-of-year cost of the strike(i.e., end of fourth quarter)
Why is producer surplus maximized under perfect price discrimination?
What would be More's best-reply response if attacked and More survives? What if Least did nothing? What would Most do when and if its turn arose?
Point A 4m barrels oil 200 tonnes lumber Point B 6m barrels oil 150 tonnes lumber a) If we had a PPF with the goods oil and lumber, how would be measure the MC of oil between points A and B
an investment cost of $50,000; maintenance costs that start at $5,000 at the end-of-year (EOY) one and increase by $1,000 for each of the next four years, and then remain constant for the following five years; savings of $20,000 per year (EOY 1-10..
Are these pricing rules consistent with the analysis of monopoly in this chapter?
a cell phone company is considering investing in additional cell phone towers. it estimates that if it builds k towers
Thinking globally. Compare the composition of spending in the US federal budget to the federal budget in Canada, which is similar to the United States in income level and federal structure. How does the spending mix differ? What factors might acco..
the vegetable buyer for a group of a grocery stores hasdecided to sell pakages of sprouted grain in the vegetable sectionof the stores. the product is pereshable and any remaining unsold after one week in the store is dicarded.
Suppose all wages, salaries, welfare benefits, and other sources of income were indexed to inflation. Would inflation still be considered a problem? Why or why not?
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