Improvements in technology usually result in lower costs of production or new and improved consumer goods and

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Improvements in technology usually result in lower costs of production or new and improved consumer goods and services. Assume that an improvement in medical technology results in an increase in life expectancy for people 65 years of age and older. How would this technological advance be likely to affect expenditures on health care?
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Economics

ISBN: 978-0134106243

6th edition

Authors: R. Glenn Hubbard

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