Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165875
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 18.2, Problem 2QQ
To determine
Define marginal product of labor and value of marginal product of labor.
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Chapter 18 Solutions
Principles of Economics, 7th Edition (MindTap Course List)
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- Healthcare costs as a share of GDP has been on the rise for the last several decades. What are three different explanations for these increasing costs? Which factor accounts for most of the increase?arrow_forwardRecall that the goal of the Affordable Care Act (also known as Obamacare) legislation was get more people access to affordable health insurance. It was widely reported that health insurance premiums under Obamacare were getting much more expensive. What was the main factor causing the premiums to get more expensive? Many of the new enrollees were young teenagers unable afford their own insurance, so other people are paying for them The plan required a lot of paperwork and administrative tasks, and insurance companies had to hire a lot of people to get these tasks done The new enrollees were older and sicker than expected, increasing health care usage and expenses, causing costs and insurance premiums to rise Obamacare created new medical technologies which were expensive to usearrow_forwardIdentify how different people and demographics have been affected by telehealth? Has the impact been proportional?arrow_forward
- According to a 2016 article in the Wall Street Journal, “After years of relative equilibrium, the job market for nurses is heating up in many markets, driving up wages and sign-on bonuses for the nation’s fifth-largest occupation.” Many nurses who previously delayed their retirement due to the 2008 recession had begun to retire, resulting in a retirement wave that caused nurses to exit the workforce in greater numbers than new nurses were entering. At the same time, demand for nurses had increased due to the additional health care coverage associated with job growth over the previous decade since the recession and the Affordable Care Act. Draw a demand and supply graph illustrating these developments in the market for nurses. Based on your diagram, forecast what will happen to the equilibrium wage for nurses as a result of the shift(s)? Is this consistent with what we actually observed? Briefly discuss whether this problem provides enough information to determine whether the…arrow_forwardPreface: For years free trade agreements have put manufacturing workers in the U.S. in direct competition with their developing country counterparts with the purpose of driving down wages in the U.S. and bringing in cheaper imported goods. All the while highly paid service sector workers such as lawyers, doctors, CPAS, and the like are shielded from competition from developing country service sector workers who would be glad to come to the U.S. and enjoy relatively higher wages. This effectively means that highly paid professionals get to enjoy the benefits of cheaper imported goods, while still having their inflated salaries. This has exacerbated inequality in the U.S. due to the fact that manufacturing workers who have effectively had their wages driven down still have to pay for expensive professional services that have not commensurately come down. This is not only economically inefficient it is ethically wrong due to the fact that lawyers are the ones who actually author free…arrow_forwardRead the following article and then answer the questions that follow: Without question, the most important positive action you can take to prevent illness and disease is exercise. Exercise prevents a long list of diseases that can cause chronic or severe illness, disability, and even death, including cancer, heart disease, stroke, high blood pressure, vascular disease, diabetes, obesity, and osteoporosis. Exercise also prevents mental health illness and disease disorders, including depression, anxiety, and stress. While some of these disease processes can be reversed with exercise and healthy life-style, some cannot. Preventing them from starting is the number one goal. The most negative lifestyle behaviour is smoking. Smoking contributes to the development of almost all diseases, notably cancer, heart disease, high blood pressure, high cholesterol, diabetes, and asthma. Smoking has the following negative health effects: lowers immunity, making you more likely to get bronchitis,…arrow_forward
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