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1. Suppose in a given country that the expected life span is 70 years. Health policymakers increase health care spending by 10%, and the lifespan
1. Suppose in a given country that the expected life span is 70 years. Health policymakers increase health care spending by 10%, and the lifespan rises to 71 years. What is the elasticity of lifespan with respect to health care spending? 2. A study finds that the marginal rate of technical substitution between physicians and nurses is -0.5. How many physicians are required to replace four nurses, and still produce the same amount of output?
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