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- What does income elasticity of demand mean for insurance companies and medical providers for making a decision?Discuss what is known about price elasticities of demand for various health care services. Needs to discuss acute, chronic, well, dentristry; hospital; ambulatoryWhat does price elasticity of demand mean for insurance companies and medical providers for making a decision?
- What are the purpose of individual enterepreneur? What are the few advantage or merits of individual enterepreneur?Total health expenditures are a function of price and O A. Reimbursement O B. Value O C. Assets O D. QuantityConsider the following box-and-whisker plot from Hall and Jones (2007). When focused on the youngest age group, a 20% increase in medical spending is associated with: FIGURE 3.1 Elasticity of health with respect to medical spending, by age. 0.5 - 0.4 - 0.3 - 0.2 - 0.1 - 20 40 60 80 100 Age Source: Hall and Jones, 2007. Note: “Whiskers" show standard errors of the estimates for each age group. 4% increase in conditional life expectancy 20% increase in conditional live expectancy O 8% increase in conditional life expectancy Elasticity of health with respect to medical spending
- Draw a graph showing how demand for medical care changes under health insurance where the insurance policy pays a % of costs. What happens to demand elasticity? Amount purchased at any price? What does this say about the effect of health insurance on individual vs. social “perceptions” of health care cost and benefit?Suppose that the price elasticity for hip replacement surgeries is 0.4. Further suppose that hip replacement surgeries are originally not covered by health insurance and that at a price of $50,000 each, 10,000 such surgeries are demanded each year. Instructions: In part a, round your answers to 1 decimal place. In part b, enter your answers as a whole number. a. Suppose that health insurance begins to cover hip replacement surgeries and that everyone interested in getting a hip replacement has health insurance. If insurance covers 70 percent of the cost of the surgery, by what percentage would you expect the quantity demanded of hip replacements to increase? (Hint. Do not bother to calculate the percentage changes using the midpoint formula. If insurance covers 70 percent of the bill, just assume that the price paid by consumers falls 70 percent.) percent What if insurance covered 95 percent of the price? percent b. Suppose that with insurance companies covering 95 percent of the…Why should you use the mid-point method to calculate the price elasticity ofdemand?
- This is an excercise. Why people rent their house that they own during the pandemic covid 19 for side-income?a. What is the arc price elasticity of demand for healthcare consumers in Japan using only this data? b. Using your estimated elasticity, what would the demand for health care be if the price in tokyo were raised to 30 per visit? What would the demand in Hokkaido be if the price were lowered to 5 per visit? Region Outpatient visits Price/ visit Tokyo 1.25/ month 20Y Hokkaido 1.5/ month 10YWhat is the relationship between health and health economics?