Homework Answers
The following statements are true regarding the graph given-
A- The slope of the health production function is grater at point A than at point B
B- It exhibits diminishing returns to medical care
D- At some point sending more on medical care is unlikely to extend life or increase the quality of life
ANALYSIS-
The above given points are true regarding the production function graph because the graph gives increasing, diminishing, and after reaching the maximum point , negative returns denoted by point A,B,C respectively by the graph. This means that at initial stage of spending the life will extend but after the maximum point as been reached the spending will start to give the negative returns.
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Which of the following is true concerning concrning the hypothetical health production function displayed in the...
46 Refer to Flgure 13-3. Which of the following is true of the production function (not...
46
Refer to Flgure 13-3. Which of the following is true of the production function (not pictured) that enderlies this total eost fometioes? ) Total output increases as the quantity of inputs increases but at a decreasing rate. ()Marginal product is diminishing for all levels of input usage. () The slope of the production function decreases as the quantity of inputs increases. mipeebre 90.075
20.Which of the following statements concerning the Mental health parity act is correct? a. the provisions...
20.Which of the following statements concerning the Mental health parity act is correct? a. the provisions of the act only apply to employers with more than 50 employees. b.it prohibits different cost-sharing provisions for mental health benefits and other medical and surgical benfits. c.it requires alcholism and drug addiction to be treated like any other mental illness. d.it requires employers to make benefits available for mental illness.
Which of the following statements about a well-functioning health system is True ? Select one: a....
Which of the following statements about a well-functioning health system is True ? Select one: a. It includes all activities whose primary purpose is to promote, restore or maintain health b. Includes only hospitals and health centres in the public sector c. Consists of policy, planning and financing of health care, but not medical products and technology d. Does not include goals to provide social and financial risk protection of the population e. Access to care is more important than...
4. On a graph, show how, if at all, each of the following events would affect...
4. On a graph, show how, if at all, each of the following events would affect the production possibilities of a business. a) Standardized examination scores of high school and college students decline. b) The unemployment rate falls from 9 to 6 percent of the labor force. c) A devastating earthquake destroys numerous production facilities. d) Defense spending is reduced to allow government to spend more on health care. c) Technological advances in the production of meat and fish. d)...
Given the following production function for a train engine manufacturing company, at what point (or points)...
Given the following production function for a train
engine manufacturing company, at what point (or points) should the
firm produce?
A
B & E
E & D
D
------------------------------------
Given the graph shown here, when is the firm operating
at a short run loss?
Between Q1 and Q2
At Q2
At Q1
When MC (the purple line) is greater than Q1
Price Quantity Q2 Q1
With the following graphs, assume that a farm is producing or attempting to produce at point...
With the following graphs, assume that a farm is producing or attempting to produce at point A and that customers are buying more meat than fish. Match each graph below with the following descriptions. Some descriptions apply to more than one graph, and some graphs have more than one description). a) Inefficient production of meat and fish. b) Productive efficiency. c) Technological advances in the production of meat and fish. d) The law of increasing opportunity cost of fish. e)...
3. In the following graphs, assume that a farm is producing or attempting to produce at...
3. In the following graphs, assume that a farm is producing or attempting to produce at point A and that customers are buying more meat than fish. Match each graph below with the following descriptions. (Some descriptions apply to more than one graph, and some graphs have more than one description). a) Inefficient production of meat and fish. b) Productive efficiency. c) Technological advances in the production of meat and fish. d) The law of increasing opportunity cost of fish....
Questions 17-22 are based on the short-run production function in the graph on the right 18....
Questions 17-22 are based on the short-run production function in the graph on the right 18. Whcrc would firms choosc to producc? a. Point Z c. Somewhere between point X and Y d. Somewhere between point Y and 7, e. I know there's another graph that might help, but I don't remember it, so I'm giving up b. Point Y TP 19. The slope of line segment OD can be interpreted as the a. total product of labor at Y...
1. Which of the following is true before a firm has reached the point of diminishing  ...
1. Which of the following is true before a firm has reached the point of diminishing returns? a) marginal product is negative b) marginal product is rising, but still positive c) average product is declining d) average product may be rising or declining e) both a) and c) are correct 2. Whenever the slope of the total product curve is increasing at an increasing rate, the marginal product curve is _____. a)...
Consider a hypothetical world consisting of only three countries: Liechtenstein, Canada, and France. Each country...
Consider a hypothetical world consisting of only three countries: Liechtenstein, Canada, and France. Each country produces grain. Liechtenstein is a small economy compared to Canada and France and thus cannot influence foreign prices. On the following graph, the supply and demand schedules of Liechtenstein are shown as Such and Dich. Foreign supply schedules of grain are perfectly elastic: Canada is a more efficient supplier of grain than France because its supply price is $0.80 per bushel (Scu), whereas France's supply...
46
Refer to Flgure 13-3. Which of the following is true of the production function (not pictured) that enderlies this total eost fometioes? ) Total output increases as the quantity of inputs increases but at a decreasing rate. ()Marginal product is diminishing for all levels of input usage. () The slope of the production function decreases as the quantity of inputs increases. mipeebre 90.075
4. On a graph, show how, if at all, each of the following events would affect the production possibilities of a business. a) Standardized examination scores of high school and college students decline. b) The unemployment rate falls from 9 to 6 percent of the labor force. c) A devastating earthquake destroys numerous production facilities. d) Defense spending is reduced to allow government to spend more on health care. c) Technological advances in the production of meat and fish. d)...
Given the following production function for a train
engine manufacturing company, at what point (or points) should the
firm produce?
A
B & E
E & D
D
------------------------------------
Given the graph shown here, when is the firm operating
at a short run loss?
Between Q1 and Q2
At Q2
At Q1
When MC (the purple line) is greater than Q1
Price Quantity Q2 Q1
With the following graphs, assume that a farm is producing or attempting to produce at point A and that customers are buying more meat than fish. Match each graph below with the following descriptions. Some descriptions apply to more than one graph, and some graphs have more than one description). a) Inefficient production of meat and fish. b) Productive efficiency. c) Technological advances in the production of meat and fish. d) The law of increasing opportunity cost of fish. e)...
3. In the following graphs, assume that a farm is producing or attempting to produce at point A and that customers are buying more meat than fish. Match each graph below with the following descriptions. (Some descriptions apply to more than one graph, and some graphs have more than one description). a) Inefficient production of meat and fish. b) Productive efficiency. c) Technological advances in the production of meat and fish. d) The law of increasing opportunity cost of fish....
Questions 17-22 are based on the short-run production function in the graph on the right 18. Whcrc would firms choosc to producc? a. Point Z c. Somewhere between point X and Y d. Somewhere between point Y and 7, e. I know there's another graph that might help, but I don't remember it, so I'm giving up b. Point Y TP 19. The slope of line segment OD can be interpreted as the a. total product of labor at Y...
Consider a hypothetical world consisting of only three countries: Liechtenstein, Canada, and France. Each country produces grain. Liechtenstein is a small economy compared to Canada and France and thus cannot influence foreign prices. On the following graph, the supply and demand schedules of Liechtenstein are shown as Such and Dich. Foreign supply schedules of grain are perfectly elastic: Canada is a more efficient supplier of grain than France because its supply price is $0.80 per bushel (Scu), whereas France's supply...
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