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1. Suppose in a given country that the expected life span is 70 years. Health policymakers increase health care spending by 10%, and the lifespan rises to 71 years. What is the elasticity of lifespan with respect to health care spending?
2. A study finds that the marginal rate of technical substitution between physicians and nurses is -0.5. How many physicians are required to replace four nurses, and stillproduce the same amount of output?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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