E (4000, 0) 4000 5000 1000 2000 3000 Other Goods (units per year) a. If as much health care as possible is provided, how many other goods will be provided? units of other goods b. What is the opportunity cost of increasing health care from point E to point D? units of other goods

E (4000, 0) 4000 5000 1000 2000 3000 Other Goods (units per year) a. If as much health care as possible is provided, how many other goods will be provided? units of other goods b. What is the opportunity cost of increasing health care from point E to point D? units of other goods

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter16: Information, Risk, And Insurance

Section: Chapter Questions

Problem 18RQ: What are some of the metrics economists use to measure health outcomes?

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Question

POLICY PERSPECTIVES According to the figure below:
2500
Health Care Services (units per year)
2000
5,1500
1000
500
0
Production Possibilities Curve
A (0,2000)
B (2000,1800)
C (3000, 1500)
D (3800,1000)
E (4000, 0)
4000 5000
1000 2000 3000
Other Goods(units per year)
a. If as much health care as possible provided, how many other goods will be provided?
units of other goods
b. What is the opportunity cost of increasing health care from point E to point D?
units of other goods

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Step 1: Define Opportunity Cost

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Step 2: Determine the unit of other good when the production of healthcare is maximum

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Step 3: Determine the opportunity cost to increase Healthcare from point E to D

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