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1. Suppose a firm has the production technology shown below for Goods 1 and 2 and respond to the following with rationale.
a. â€¢Does Good 1 indicate economies of scale?
b. â€¢Does Good 2 indicate economies of scale?
c. â€¢Do the two goods indicate economies of scope?
Good 1 Good 2 Both
Q1 Cost Q1 Cost Q1 Q2 Cost
10 50 10 60 10 10 100
20 100 20 100 20 20 180
30 150 30 130 30 30 250
2. “Grossman’s Model and Risk-Averse” Please respond to the following:
a. â€¢Analyze Grossmanâ€™s Model and how effective this model is at predicting the life expectancy of the elderly. Apply the model to your age group and discuss the findings.
b. â€¢Correlate the relationship between risk-aversion and the purchase of health care insurance
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