EBK HEALTH ECONOMICS AND POLICY
7th Edition
ISBN: 9781337668279
Author: Henderson
Publisher: YUZU
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Chapter 9, Problem 3QAP
To determine
A physician’s dual nature as an adviser and a provider supports the
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In a commentary piece on the rising cost of health insurance, ("Healthy, Wealthy, and Wise," Wall Street Journal, May 4,
2004, A20), economists John Cogan, Glenn Hubbard, and Daniel Kessler state, "Each percentage-point rise in
health-insurance costs increases the number of uninsured by 300,000 people." Assuming that their claim is correct,
demonstrate that the price elasticity of demand for health insurance depends on the number of people who are insured.
What is the price elasticity if 192 million people are insured?
If 192 million people are insured, then the price elasticity of demand for health insurance is (Enter a numeric
response using a real number rounded to three decimal places. Be sure to include the minus sign.)
What is the price elasticity if 247 million people are insured?
(Enter a numeric
If 247 million people are insured, then the price elasticity of demand for health insurance is
response using a real number rounded to three decimal places. Be sure to include the…
Inability of one to determine marginal value of health care implies that the traditional approach to demand theory does not work very well for health-care services.
True or false?
Can you explain As members of the Baby Boom generation approach advanced ages, their demand for medical care will change. Referring to the graphs below, will this demand change be reflected in the movement from point A to to point B, or in the movement from D1 to D2? Please explain your answer.
Chapter 9 Solutions
EBK HEALTH ECONOMICS AND POLICY
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Similar questions
- According to Health Economists, “more protection does not always leadto less disease”; using the concept of prevalence elasticity of demand for selfprotection explain with an aid of a diagram how this might be the case.arrow_forwardHow do fee-for-service and capitation payment systems affect the amount of medical care the patient receives relative to the optimum amount that would be provided by the “perfect” agent? Under which system we expect to see more supplier-induced demand?arrow_forwardDemand 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?arrow_forward
- What is the difference, if any, between “Pharmacoeconomics” and “Health Economics”? Explain how microeconomics and macroeconomics are relevant to this field of study and support your answer with plausible examples. Based on your answer, illustrate why studying Pharmacoeconomics has become inevitable and remarkably essential in healthcare provision nowadays.arrow_forwardwhat is the relationship between the financial well-being of the industry and availability of healthcare, in consideration of market and demand theories?arrow_forwardThe 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?arrow_forward
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