2009mt1 - HPAM8600: Health Economics UGA College of Public...

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Unformatted text preview: HPAM8600: Health Economics UGA College of Public Health Professor Angela Fertig Spring 2009 Name Midterm 1 1. (9 points) Explain the difference between how Professor Grossman and Professor Fuchs argue that education affects health. 2. (9 points) If a physician doubles her office space and her long-run average costs increase, does her practice exhibit economies of scale? Draw a relevant graph and explain your answer. 1 3. (15 points) According to the Grossman model, there are two ways in which improved health is an investment in ones well-being. Describe both in words and show one of the ways graphically (using the labor-leisure diagram). Make sure to explain what the graph shows as well. 2 4. (9 points) The productivity of a firm that conducts lab tests can be described by the following schedule. If the wage of lab technicians is $90 per day, how many workers will this firm hire? Total Product Total Workers (lab tests per day) Price per lab test 30 1 5 30 2 12 30 3 16 30 4 19 30 5 21 30 3 5. (15 points) Athens Regional Medical Center and St. Marys Hospital are interested5....
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2009mt1 - HPAM8600: Health Economics UGA College of Public...

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