The stated premise behind the production function for health is that medical care, when combined with other inputs and a person's own time, produces good health. What is the marginal contribution of medical care to the production of health in the United States? Will spending more money on medical care improve the health of Americans, or is there another strategy that would work better? How would your answer change if you were studying health in a less-developed country?

Q: Explain the marginal productivity theory

A: The factors of production are referred to the resources or inputs that goes into the production…

Q: The monthly market basket for consumers consists of pizza, t-shirts, and rent. The table below shows…

A: Consumer price index is a broad index that estimates price changes in a basket of goods and services…

Q: Suppose we observe an increase in the world price of coffee beans. Which of the following best…

A: Shortage refers to a situation in which the demand for the good exceeds its supply. This leads to a…

Q: h the following characteristics for firms and consumers: Choices Resource Constraint Firms Consumers…

A: Firms use inputs ( land , labour , capital and entrepreneur ) to produce goods and services in the…

Q: Consider the following function: f(x,y,w) =(x2/y) + (2w2/x). Is this homogeneous? If so, to what…

A: A function is a homogeneous function if it can be expressed as f(kx,ky,kw) = knf(x,y,w)

Q: Illustrate the cash flow diagram. An investor bought a jaw crusher worthP25,000.00 with an expected…

A: Initial investment, C0 = P25,000 Required return, r = 6% Number of years, n = 8 years Let A be the…

Q: The explicit cost of production equals:    a. economic cost minus opportunity cost. b. opportunity…

A: Explicit cost is the actual monetary expenditure incurred during the production process Implicit…

Q: Assignment 1   Draw a demand curve for economics classes at HCCC, showing the trade-off between…

A: In the free market, equilibrium point is determined by the forces of the demand and supply. The…

Q: The US and Russia have signed a nuclear no-proliferation agreement to limit arms race. Each country…

A: Game theory provides a theoretical framework for conceptualising social situations including rival…

Q: To pay for a farm, Axle has to make equal payments of P135,900.00 at the beginning of each six…

A: Interest rate is the sum charged over the initial deposit by the bank from the borrower. As far as…

Q: How does one calculate the break-even point in units?

A: For producing the goods and services, costs of production has to be incurred. It involves fixed and…

Q: If P50,000.00 compounded shall accumulate for 10 years at 8% compounded quarterly. Find the interest…

A: Interest is compounded quarterly, meaning interest rate is r/4 and number of periods it is…

Q: 3. Assume that the set of alternatives is X= R2. Consider the family of budget sets B = {B(1,1),2,…

A: We will answer this question based on the graph:  We are given that with the budget (1,1),2 the…

Q: Consider the demand function (a) Determine the inverse demand function. (b) Determine the revenue…

A:

Q: G7

A: We know that Demand function addresses the connection between the amount requested for aware…

Q: 7. "We are fast approaching the stage of the ultimate inversion: the stage where the government is…

A: 7) The statement above reflects the link to one of the economic systems.

Q: How many years will P50,000.00 earned a compound interest of P10,000.00 if the interest rate is 10%…

A: Compound Interest refers to the interest paid on both the principal amount and also on any…

Q: The number working full-time is 400 The number doing volunteer work is 350 The number working…

A: Given information: Total population = 3000Adult population = 1850Volunteer worker = 350Military…

Q: Consider again the same economy with two banks: Bank One and Bank Two. Partial balance sheet…

A: Given: Bank One: $120,000 demand deposits $15,000 total reserves on hand $30,000 equity Bank…

Q: A working interest in an oil well is for sale. The well is expected to generate the following cash…

A: DISCLAIMER  “Since you have asked multiple question, we will solve the first question for you. If…

Q: Large budget deficits __________. a.) reduce the value of domestic currency b.) help alleviate the…

A: When government expenditures are greater than its receipts, we can say that the government is…

Q: In the C+I+G+X+M equation, investment would include which of the following? A. The export of heavy…

A: Here, the given equation shows the components of aggregate demand with C as consumption, I as…

Q: 10. Which of the following statements is (are) correct? (x) The factor-endowment theory asserts that…

A: The factor endowment theory is based on certain assumptions such as the transportation cost is zero…

Q: -How much should you put into a 10% savings account in order to have P50,000.00 in five years if…

A: Hi! Thank you for the question as per the honour code, we’ll answer the first question since the…

Q: Commodity substitution bias _______ when the CPI is calculated in 2021 using the 2020 market basket…

A: In a market, commodity substitution bias refers to the Sita when CPI does not take a change in…

Q: A Chinese high technology manufacturing firm has a production function of q=12L0.20 0.80 (based on…

A: Given  Production function: q=12L0.2K0.8                 ...... (1) Input prices are w=$2 and r=$8…

Q: According to Smith, determined by ___ advantage in the production of a good, a nation would produce…

A: Demand and Supply  Demand refers to the quantities of a commodity that the consumers are ready to…

Q: Question 4 What are likely to be the effects on the DEMAND for motorcars if there is: A rise in the…

A: Disclaimer :- Since you asked multipart questions we are solving only the 1st three subparts as per…

Q: Bruce Wayne has a child  and wishes to determine  what lump sum would have to be paid into an an…

A:

Q: What information is given by the CPI?   The CPI tells us _______.     A. the price level in a given…

A: The general rise in the price of goods and services during a period of time with the fall in the…

Q: 6. Why is economics central to an understanding of the problems of development?.

A: We know that The development of an economy is based on the development of the infrastructure, the…

Q: A closed corporation is one that A. Sells stock, but is taxed as if it were a corporation B. Has…

A: Closed corporations are personally owned businesses with a limited number of stockholders, including…

Q: Define entrepreneurship and distinguish it from entrepreneurship and clearly differentiate .

A: In order to produce goods and services, different factors of production are required. These include…

Q: A depositor puts $40,000 in a savings account that pays 10% interest, compounded semiannually. Equal…

A: Principal amount(P)=$40,000 Interest (i) compound semi-annually i=10/2=5% or 0.05

Q: Question 2 Using supply and demand analysis, explain the effects of the following on the equilibrium…

A: "Since you have asked a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Cartel theory is usually understood as the doctrine of economic cartels. However, since the concept…

A: Oligopoly: It refers to a market that is dominated by a few suppliers. They are found in all…

Q: the figure to the right, what are the effects of a price increase from $2 per wireless earbud to $5…

A: Quantity demanded Quantity demanded is used in economics to elaborate the final amount of a product…

Q: Total Population Adult, noninstitutionalized, nonmilitary population Unemployed adults 300 million…

A: According to the question, below information given that : Total population : 300 million  Unemployed…

Q: N inputs e 20 40 60 80 100 output 0 45 75 98 113 121 Possibility A Cheese Wine & inputs 0 e 20 40 60…

A: Cheese Wine A 121 0 B 113 60 C 98 105 D 75 143 E 45 158 F 0 165

Q: Figure 2-4 Wheat (bushels) C. d. e. Q A D to E B to C E с B Apples (bushels) 1. In Figure 2-4, for…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Describe the difference between the "endogenous" and the "exogenous" variables of an economic model.…

A: Endogenous variables are those that are affected or determined by the relationships they have with…

Q: What is economic transition

A: A transitional economy is moving from a planned economy to one with a market economy framework.

Q: 7.

A: Given the information: Cost of storage facility = $35000 Maintenance cost for first 5 years = $8000…

Q: 1) Answer the following as true, false, or uncertain and justify your answers. a) Even a totally…

A: Hi there , as per our guidelines we can only three sub parts of a question at once . Kindly repost…

Q: A minor league baseball team raised the average price of its tickets from $8 to $8.90 and found that…

A: Arc elasticity is the elasticity of one variable concerning one more between two given points. It is…

Q: Consider the following normal-form game: L C U ?,? 0,8 M 8,0 2,2 D 2,4 4,4 R 4,4 10, 10 6,6 ill in…

A: Nash equilibrium points are those points at which none of the players have any incentive to deviate…

Q: 15 6 Q Moonshine (1) b. 2 C. 3 d. 4 S D P 15 6 S Q Moonshine (2) S A P 15 XX 6 D Q Moonshine Q…

A: The amount of product that manufacturers are ready (and able) to supply at the given price falls…

Q: Suppose that %chg(V) = -2%, %chg(M) = +10% and %chg(Y) = +3%. What is the rate of inflation? Select…

A: According to the quantity theory of money (QTM) MV = PY Where M is money supply V is the velocity of…

Q: An asset is purchase for P 500,000 with an economic life of 10 years. What is total accumulated…

A: The first cost of the asset FC= P500,000 Economic service life =10 years  Method: Double decline…

Q: Show in a diagram the effect on the demand curve, the supply curve, the equilibrium price, and the…

A: i)  Increase of Electric cars reduces the demand for Gasoline hence pushing the Equilibrium price…