PubH8440_HW2_Spring2024

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George Washington University *

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6440

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Economics

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Feb 20, 2024

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PubH 6440 Spring 2023 Due: February 18, 2024 (By Midnight) Homework Assignment Two (20 points) 1. (3 points) Explain how each of the following would impact the supply curve and which factor affecting supply is impacted: a. (1) A technological change that reduces the cost of producing X- rays on the supply for physician clinic services. b. (1) Increased graduations of new doctors on the supply of physician services c. (1) A change in the price of stethoscopes on the supply of stethoscopes. 2. (2 points) Describe typically shaped supply and demand curves. 3. (5 points) Let’s say you wanted to understand the relationship between the price of oral rehydration salts and demand for oral rehydration salts. You collect detailed data and then run a regression and estimate the following equation relating quantity of packets of oral rehydration salts demanded by a household per month to the price per package in Kenyan Shillings (KSH) (for reference the exchange rate is approximately 100KSH:US$1) Q_salt=10-0.025P_salt The standard error on the coefficient on Price is 0.012, and the average Price is 150KSH in the sample and the average Quantity is 6.25 packages per household per month. a. (1) Interpret the constant. Is it meaningful? b. (2) Interpret the coefficient on Price in terms of significance, sign, and size (is it meaningful?). c. (2) Calculate the price elasticity of demand. Is it inelastic or elastic? Why might this result make sense in this case?

4. (5 points) Use the following table to answer each of the following questions. The below table shows the total number of patients who can be served based on the number of nurses that are working at the health clinic that day. Labor (# of nurses) Total Product (patients served) Margi nal Produ ct 1 10 -- 2 23 3 37 4 46 5 50 6 48 a. (1) Complete the table b. (2) Define the law of diminishing returns. At what point does the law of diminishing returns set in? c. (2) At what use of labor does the marginal product become negative? Provide an explanation for why this might happen. 5. (5 points) The following diagram shows a health center’s isoquant curve and one of the associated isocost curves for delivering 48 health visits to a community in one day. The inputs for providing health visits are community health workers, which cost $30/day and vehicles, which cost $20/day.

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a. (1) What is the opportunity cost of hiring an additional health worker? Show your work and clearly articulate the concept of opportunity cost. b. (2) Which points on the diagram are technically efficient? Explain. c. (2) What advice would you give a health center that is currently operating at point A? Justify your advice.

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