MEC is a measure of and depreciation rate is a measure of

MEC is a measure of ________________ and depreciation rate is a measure of ______________ .

The more realistic PPF of health

the \"free lunch portion\" on the realistic PPF is found

Increasing health depreciation is applicable and consistent with

Often, the total utility curve is _____________ and the marginal utility curve is ______________

Under the topic of health as an input to production,

Using the correct PPF means maximum Z possible is acquired

Going to the dentist to get a root canal

On the average, a college graduate will have an MEC __________ of the MEC of a high school graduate

At quantity 1 total utility is 20

At quantity 2 total utility is 36

At quantity 3 total utility is 51

At quantity 4 total utility is 55

What is the marginal utility at

quantity 1? and at quantity 4?

Solution

MEC is a measure of anticipated rate of profitability of capital asset and depreciation rate is a measure of wearing out of fixed asset.

Often, the total utility curve is upward sloping and the marginal utility curve is downward sloping.

Under the topic of health as an input to production,Using the correct PPF means maximum Z possible is acquired at the health level where a HORIZONTAL indifference curve is tangent to the PPF

Going to the dentist to get a root canal will directly provide utility under the concept of \"health as a consumption good\"

On the average, a college graduate will have an MEC below that of the MEC of a high school graduate

marginal utility at quantity 1 is 20 and at quantity 4 is 4.