Statistics for Management and Economics (Book Only)
11th Edition
ISBN: 9781337296946
Author: Gerald Keller
Publisher: Cengage Learning
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Question
Chapter 5.1, Problem 3E
(a)
To determine
Explain the study to investigate the relationship between smoking and lung cancer.
(b)
To determine
Explain whether the study is observational or experimental.
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Economists ___________ perform controlled experiments the way medical researchers can.
You have been recruited as an expert in health economics to recommend
what is the best therapy for a group of patients. In the image below you will
find the decision tree showing the probabilities for different health states
and outcomes for patients undergoing two possible treatments, No drug
therapy and Drug therapy. Based on the expected cost, which therapy
would you recommend as the least expensive? Explain how you arrived at
your recommendation and show your calculations the space provided.
No drug theraphy ?
Drug theraphy
?
HEALTH STATES
PROBABILITIES
Remain in Good Health
0.5
Develop disease A
0.2
Develop disease B
0.2
Die
0.1
Remain in Good Health
0.53
Develop disease A
0.16
Develop disease B
0.22
Die
0.09
OUTCOMES
(Costs)
$0
$400
$300
$200
SO
$800
$500
$0
How do economic evaluations in Healthcare inform policy and other decision makers
Chapter 5 Solutions
Statistics for Management and Economics (Book Only)
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