Answer the following questions
a. What does a production possibility frontie
Answer the following questions
a. What does a production possibility frontier measure?
b. Draw the PPF for health care based on the Grossman model and label and explain each portion of the PPF?
c. How is that PPF different from the PPF of other goods?
6. What is the law of demand? Describe the demand curve for health care and explain the shape of the curve. How does the demand for health care relate to the price of health care?
7. Suppose there is a special vaccine that will stop anyone from getting COVID and this increases the marginal health effect of health investment- and the maximum health attainment from H max to a higher H max
a. Draw the old PPF before the discovery of the vaccine
