According to Finkelstein et al. (2003), approximately what portion of national medical spending is directed toward the treatment of conditions attributed to obesity? A. One-eighth B. One-sixth C. One-quarter D. One-third E. One-half
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According to Finkelstein et al. (2003), approximately what portion of national medical spending is directed toward the treatment of conditions attributed to obesity?
- A. One-eighth
- B. One-sixth
- C. One-quarter
- D. One-third
- E. One-half
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- Suppose a household's income rose from 45k to 60k while their spending on health increased from 2k to 5k. 1. What is the income elasticity of demand for health? 2. What does this income elasticity of demand mean for this family?For every 10 percent increase in price of health care services, demand falls by 3 percent. How much is the own price elasticity of demand for health care? 0.3 3.33 -3.33 -0.3Suppose the income elasticity of demand for health care insurence is 0.3. If the level of income decreasesd by 1 percent , The demand for health insurence will 1.rise By.29 percent 2.rise by 0.3 percent 3.Fall by .29 percent
- Demand falls by 5 percent for every 10 percent increase in price health care services. How much is the won price elasticity of demand for health care?The price elasticity of demand for health care has been estimated to be −0.2. Characterize this demand as price elastic, unit price elastic, or price inelastic. The text argues that the greater the importance of an item in consumer budgets, the greater its elasticity. Health-care costs account for a relatively large share of household budgets. How could the price elasticity of demand for health care be such a small number?Since the passage of Medicare in 1965, what has happened to overall medical spending for the elderly? Per capita spending? Out-of-pocket spending? How does this compare with healthcare spending by the non-elderly?
- Demand studies in health care have provided estimates of both income and price elasticity. Estimates of income elasticity are usually above +1.0. Estimates of price elasticity typically range between -0.1 and -.75 (with hospital services at the lower end and elective services at the upper end). What information do these estimates convey? What does the price elasticity of demand estimates imply for government policymakers, insurance companies, and medical providers' decisions? What does the income elasticity of demand estimates imply for government policymakers, insurance companies, and medical providers' decisions?Sources of data for Market failure in health.The information needed by health care organizations (such as commercial insurers) is often quite similar to that needed by public health entities. Please describe the types of information needed by both, as well as information that may be need by one but not the other.
- Select and explain at least one factor influencing health economics.i. i. Distinguish between the medical definition of heath and the economic definition of health. ii. Which definition you like better? Explain.improvement in technology usually result in lower cost of production or new and improved consumer goods and services .Assume that an improvement in medical technolgy result in an increase in life expectancy for people 65 years and older . How would this technolgical advance be likely to affect expenditure on health care?
