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Beginning of Paper
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Demand for Medical Care
The demand for medical care is derived from our demand for good health. Michael Grossman was the first to do econometric research on this topic. Grossmans 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 providers (Henderson, p.142). There are two mai ....
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Middle of Paper
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.... 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 curve. This curve represents the marginal change in health status. You can see this curve is negatively sloped and can be negative. The maximum point on the total product curve is the total amount of health that we can get out of life. You may k ....
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ADDITIONAL FEATURED ESSAYS
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