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- Comment on the elasticity of demand for medicineDiscuss what is known about price elasticities of demand for various health care services. Needs to discuss acute, chronic, well, dentistry; hospital, ambulatoryDiscuss what is known about price elasticities of demand for various health care services. Needs to discuss acute, chronic, well, dentristry; hospital; ambulatory
- Considering Healthcare price elasticity, would it be a good idea to implement a price increase on medical products?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?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?
- What does price 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 servicesWhat does income elasticity of demand mean for insurance companies and medical providers for making a decision?
- A medical reported that the consumption of this product has many health benefits Describe how does this would affect the market for the product.Suppose you are collecting data from a country like Japan where the government sets the price of healthcare. Each prefecture in Japan has a different set of prices (for example, Tokyo has higher prices than rural Hokkaido). Data for 1999 are displayed in the table below. Region Outpatient Visits per Month Price per Visit Tokyo 1.25 25 Hokkaido 1.75 15 (4 points) What is the arc price elasticity of demand for health care consumers in Japan (using only these data)? (4 points) Suppose that incomes are generally much higher in Tokyo than Hokkaido. Is your answer to the last question an overestimate or underestimate of price elasticity? Justify your answer. (c) (4 points) 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?Sources of data for Market failure in health.