L9 Flashcards
1
Q
What is produkt funtcion (again)
A
A functional relationship showing the output that can be produced by each and every input (fast sen är det en bild på y- healthydays, x- health product)
2
Q
What is production/welfare possibility frontier?
A
A curve that shows which alternative combinations of commodities can just be attained if all resources are used; it is thus the boundary between attainable and unattainable commodity combinations (den ser ut som indifference men tvärt om och linjen är pareto)
3
Q
What is pareto optimality?
A
A situation where no individual can be better without someone else being worse off
4
Q
Name three factors that affect optimum health
A
- Price change
- Income change
- Technology change
