Suppose that the president proposes a new law aimed at reducing healthcare costs: All Americans are required to eat one apple daily. a. How would this apple-a-day law affect the demand and equilibrium price of apples? b. How would the law affect the marginal product and the value of the marginal product of apple pickers? c. How would the law affect the demand and equilibrium wage for apple pickers?

Show the effect of each of the following events on the market for labor in the computer manufacturing industry. a. Congress buys personal computers for all U.S. college students. b. More college students major in engineering and computer science. c. Computer firms build new manufacturing plants.

Suppose that the president proposes a new law aimed at reducing healthcare costs: All Americans are required to eat one apple daily.

a. How would this apple-a-day law affect the demand and equilibrium price of apples?

b. How would the law affect the marginal product and the value of the marginal product of apple pickers?

c. How would the law affect the demand and equilibrium wage for apple pickers?

Explain how a firm’s production function is related to its marginal product of labor, how a firm’s marginal product of labor is related to the value of its marginal product, and how a firm’s value of marginal product is related to its demand for labor.

Explain how the wage can adjust to balance the supply and demand for labor while simultaneously equaling the value of the marginal product of labor.

If the population of the United States suddenly grew because of a large wave of immigration, what would happen to wages? What would happen to the rents earned by the owners of land and capital?

Suppose that labor is the only input used by a perfectly competitive firm. The firm’s production function is as follows:

$$\begin{array}{lc} \text { Days of Labor } & \text { Units of Output } \\ \hline 0 \text { days } & 0 \text { units } \\ 1 & 7 \\ 2 & 13 \\ 3 & 19 \\ 4 & 25 \\ 5 & 28 \\ 6 & 29 \\ 7 & 29 \end{array}$$

What happens to this demand curve if the price of output rises from $10 to$12 per unit?

Suppose that labor is the only input used by a perfectly competitive firm. The firm's production function is as follows:

$$\begin{array}{cc} \text{ Days of Labor } & \text{ Units of Output } \\ \hline 0 \text{ days } & 0 \text{ units} \\ 1 & 7 \\ 2 & 13 \\ 3 & 19 \\ 4 & 25 \\ 5 & 28 \\ 6 & 29 \\ 7 & 29 \end{array}$$

a. Calculate the marginal product for each additional worker.

The latest available data showed health expenditures were $\$ 8086$ per person in the United States or $17.6 \%$ of gross domestic product. Use $\$ 8086$ as the population mean and suppose a survey research firm will take a sample of 100 people to investigate the nature of their health expenditures. Suppose the population standard deviation is $\$ 2500$.

a. Show the sampling distribution of the mean amount of healthcare expenditures for a sample of 100 people.

Hospital length of stay. Health insurers and the federal government are both putting pressure on hospitals to shorten the average length of stay (LOS) of their patients. The average LOS in the United States is $4.5$ days (Healthcare Cost and Utilization Project Statistical Brief, October 2014). A random sample of 20 hospitals in one state had a mean LOS of $3.8$ days and a standard deviation of $1.2$ days. Use a $90 \%$ confidence interval to estimate the population mean LOS for the state's hospitals.

Let's say the president of the United States wishes to estimate the percentage of the population that agrees with his present stance on changes to the healthcare system. The estimate must be within.04 of the actual proportion, according to the president. Count on a 95% level of certainty. The political advisers to the president located a comparable poll from two years prior that showed 60% of respondents were in favour of making changes to the health care system. Using this, find how large of a sample is required?

A mutual fund is a professionally managed investment that can be sold to the general public. Mutual funds can be specialized into different categories such as healthcare-related or technology-related mutual funds. The following table lists the 3-month rates of return, in percent, for samples of health-care related and technology-related mutual funds, as reported by Morningstar, an independent investment research company. \

$$\begin{array}{ccccc|ccccc} \hline & {\text { Healthcare }} & {\text { }} &{\text { }} &{\text { }} &{\text { Technology }} \\ \hline 9.7 & 9.5 & 7.6 & 6.8 & 6.7 & 6.5 & 6.4 & 6.4 & 6.2 & 4.9 \\ 6.7 & 6.6 & 4.6 & 3.9 & 3.9 & 4.6 & 4.6 & 4.2 & 3.6 & 3.2 \\ 3.7 & 3.3 & 3.0 & 0.8 & -9.9 & 2.9 & 2.8 & 2.7 & 2.5 & \\ \hline \end{array}$$

Use the technology of your choice to answer the following questions. Explain your answers. a. If you had to choose between the use of pooled t-procedures and nonpooled t -procedures here, which would you choose? b. Is it reasonable to use the type of procedure that you selected in part (a)?

Abbreviations used in general disorders of the gastrointestinal system. Healthcare providers often use abbreviations when communicating verbally and in writing. Fill in the blank with the correct abbreviation from the provided word bank. LO 5.3, 5.A, 5.E

IBD IBS GI The patient has been diagnosed with ulcerative colitis, and therefore has a form of .

Healthcare professionals cite an enormous number of health problems related to obesity, and many people have an understandable desire to attain a healthy weight. There are many diet programs, services, and products on the market to aid those who wish to lose weight. If a close friend was considering purchasing or participating in one of these products, programs, or services, how would you make sure your friend was fully aware of the potential consequences of this decision? What sort of information would you want to review before making such an investment or lifestyle change yourself?