1.Suppose a firm has the production technology shown below for Goods 1 and 2 and respond to the following with rationale.
a.•Does Good 1 indicate economies of scale?
b.•Does Good 2 indicate economies of scale?
c.•Do the two goods indicate economies of scope?
Good 1Good 2 Both
Q1CostQ1CostQ1Q2Cost
105010601010100
20100201002020180
30150301303030250
2.“Grossman’s Model and Risk-Averse” Please respond to the following:
a.•Analyze Grossman’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.•Correlate the relationship between risk-aversion and the purchase of health care insurance
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