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Demand For Medical Care
Beginning of paper
The is derived from our demand for good health. Michael Grossman was the first to do econometric research on this topic. “Grossman’s work established two approaches for consideration. In the first, medical care is viewed as an input in the production function for health, and in the second, as an output produced by medical care provid .... Middle of paper
.... not the only thing that improves health. Other factors affecting health status, such as life-style, environmental pollution, and technological developments, will shift the total product curve (TV).” Figure 4.1, on the next page graphically shows that health status obeys the Law of diminishing productivity. The graph below the total product curve is the marginal product curve. The derivative of the total product curve is the marginal product ....
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Number of words: 1172
Number of pages: 5 (approx. 250 words per double-spaced page)
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