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business
the economics of health and health care

Questions and Answers of The Economics Of Health And Health Care

1.2 The situation in which an individual is interviewing for a job also exhibits information asymmetry. Explain why. How does the relatively poorly informed party deal with this?
1.1 The market for higher education is another example where a high degree of information asymmetry is likely. What mechanisms have evolved to help students in their choice of schools and classes
1.•Describe the effects of imperfect consumer information on prices, quality, and competition in health care markets
1.•Describe mechanisms to limit adverse selection
1.•Explain the inefficiencies resulting from adverse selection
1.•Distinguish between imperfect and asymmetric information and their effects on market outcomes
1.Discuss the types and prevalence of information problems in health care
1.9 Present bias, as described in this chapter, may discourage diabetics from adhering to their recommended treatment regimen. Suppose that regular consumption of “junk food” instead of healthier
1.8 Explain how the demand for health insurance is related to the demand for health care.Would the demand for health care then depend also on whether the person paid for the insurance or
1.7 Would the opportunity cost of waiting time be higher for higher- income people or lowerincome people? Given your answer, for which income group would money price tend to be a smaller portion of
1.6 Draw a diagram for hospital care that reflects the income- elasticity estimates found empirically. As income increases, what happens to the proportion of income spent on hospital care?
1.5 If the price elasticity of demand is −0.5 and the income elasticity is + 0.3, then what will be the effect of a simultaneous 10% increase in price and a 10% increase in income on health
1.4 Suppose that a consumer makes V0 physician visits each year at a price of P0. If the price elasticity is −0.4, what will happen to the number of visits if the price increases by 10%?What will
1.3 Consider the following information on Alfred’s demand for visits per year to his health clinic, if his health insurance does not cover (100% coinsurance) clinic visits.a Alfred has been paying
1.2 Suppose that Martha’s income rises to $42,000 per year, and that she increases her consumption of health care visits by five visits. Using the graphs for Exercise 1, draw the new equilibrium.
1.1 Suppose that Martha’s income is $40,000 per year. She can spend it on health care visits, which cost $80 per visit, or on groceries (standing for all other goods), which cost $100 per bag of
1.12 Box 11.4 describes the difficulty that consumers may have in searching for the total“bundled” price for their hospital care. What are some of the implications of this lack of pricing
1.11 Some argue that wide disparities in utilization rates across racial and ethnic groups are indicative of discrimination. Use indifference curve analysis to explain why it may be difficult to
1.10 The consumer’s indifference curves in Figure 11.2 indicate substitutability between visits and other goods. What will the indifference curves look like if the consumer perceives no
1.9 A profit- maximizing firm, finding that its demand is inelastic, will necessarily find it profitable to increase its price; therefore, its equilibrium price elasticity will necessarily be greater
1.8 Explain or show why the impact of changes in coinsurance rates on demand depends on the elasticity of demand. What sorts of health care goods or services will be responsive to changes in
1.7 We often speak of how price rations goods. What are other rationing measures in clinics in which free care is provided?
1.6 The frequencies of health care visits are often used to measure service demand. Many, however, criticize the use of this variable. What are some pros and cons of the use of visits?
1.5 It has been discovered that countries with higher per capita incomes spend more than proportionally as much on health care. What does this imply about the cross- national income elasticities? Why
1.4 For the following pairs of services, which of the two services would you expect to be more income elastic? More price elastic?a Surgical services versus allergist services b Heart surgery versus
1.3 Why are firm- specific demand price elasticities higher than elasticities for demand in general? Why does a high elasticity indicate a very competitive market?
1.2 Define price elasticity of demand. How does an increase in the coinsurance rate affect the consumer’s price elasticity?
1.1 Discuss how time costs affect health care demand, and speculate on this and possible other reasons for the lower observed per capita demand for health care in the western United States.
1.•Provide examples of applications of behavioral economics to health care
1.•Describe several biases in behavioral economics
1.•Describe the empirical literature on various demand elasticities
1.Distinguish between individual, market, and firm demand
1.•Discuss how changes in income, health status, and other variables affect demand
1.Explain how consumers respond to changes in health care prices
1.8 In Escarce’s account of diffusion, do improved “channels of information” matter regardless of the information content? Does all information increase the adoption rate? If not, what
1.7 Figure 10.5, Panel A, illustrates technical inefficiency for firms with a one- input production function. It was explained that inefficiency could be measured by output distance or,
1.6 Calculate the average costs at points C, F, and G in Figure 10.2. Do they imply increasing or decreasing returns to scale? Why?
1.5 If any firm’s price of labor and capital each double, what will happen to the expansion path(i.e., locus of tangencies between the isoquants and isocost curves)? What will happen to the
1.4 Suppose a firm has the production technology shown below for Goods 1 and 2.a Does Good 1 indicate economies of scale? Why?b Does Good 2 indicate economies of scale? Why?c Do the two goods
1.3 Determine the elasticity of substitution in the case of the isoquant in Panel A of Figure 10.1.
1.2 Draw isocost curves that are tangent to your isoquants in Exercise 1 and so that each has the same slope. Mark the points of tangency and note the capital/ labor ratio. Draw new, flatter isocost
1.1 Draw an isoquant that shows relatively little substitution between two factor inputs and one that shows relatively large substitution. Let the vertical axis represent capital and let the
1.11 The COVID- 19 pandemic led to increased use of telemedicine. Describe experiences of family members or friends who used telemedicine. Was the quality of care they experienced as good as visits
1.10 As technologies diffuse, why do some firms adopt them before others? What types of technologies would you expect to be adopted most quickly? Most slowly? What factors can slow the rate of
1.9 Which of the following types of technological change in health care are likely to be cost increasing: (a) threats of malpractice suits that cause physicians to order more diagnostic tests on
1.8 What does “stochastic” mean in stochastic frontier efficiency estimation? Give several reallife examples of events that could shift the production frontier.
1.7 Contrast technical and allocative efficiency. How can technical and allocative inefficiency in health care firms affect patient welfare?
1.6 Economists define the elasticity of substitution as the percentage change in the capital/ labor ratio elicited by a 1% change in the factor price (wages/ capital costs, for example) ratio.Would
1.5 Speculate on what types of services are more appropriate to large, regional hospitals, and what types of services are more appropriate to small, local hospitals.
1.4 Given the cost function and economies of scale and scope information reviewed in this chapter, does a policy encouraging large, centralized hospitals seem wise? Will market forces tend to reward
1.3 How do legal restrictions on practice for nurses and physicians tend to affect the observed elasticities of substitution? Would the elasticities be higher if legal restrictions were removed?Would
1.2 What are cross- sectional data? Why do economists find it so critical to control for case mix in studying health care cost functions? What are the analytical dangers if they do not?
1.1 Explain whether there is any difference between goals in maximizing output for a given cost or minimizing the cost of producing a given level of output.
1.•Discuss the impact of telemedicine on medical production and costs
1.Distinguish between technical and allocative efficiency
1.Distinguish between economics of scale and economics of scope
1.8 For Figure 9.7, assume Supply P = 10 + 0.2Q; Demand P = 100 – Q.a Calculate market output QM and price PM.b If QA = 10, and the MSC curve = 30 + 0.3Q, calculate the optimal output. Calculate
1.7 Examine Figure 9.7, assuming it refers to a large sector of the economy.a If, in order to achieve “Zero COVID” the policymakers limit production only at QA, use the diagram to show the
1.6 Using the valuation of an economic life of $7.5 million, a Calculate the value of total lives lost under age 65, according to Table 9.3; calculate the value of total lives lost ages 65 and over.b
1.5 Label Figure 9.3 to show the “market demand” and the “optimal amount” for vaccinations.Use the graph to show an “optimal subsidy” and discuss its public policy meaning.
1.4 Negative externalities lead economies to produce “too much” output. What happens in the case of positive externalities like vaccinations? What kinds of policies can be used to reach optimum
1.3 In Figure 9.2, suppose the MPC = 10. Above QA, MSC = 10 + 0.25 (Q – QA). For demand, P = 100 – Q.a Calculate the equilibrium market demand QM.b Given pollution, calculate the optimal market
1.2 “Social distancing” started to occur in March 2020, shortly after the beginning of the COVID- 19 pandemic. Enumerate and discuss how social distancing impacted measure R0.
1.1 Using the equation Required Vaccine Coverage V = 1 – 1/ R0, calculate the required vaccine coverage if:a Disease A: R0 = 1.5.b Disease B: R0 = 3.0.c Explain the difference in your answers to a
1.13 Goodman has written a blog with 128 entries on economic analysis of the COVID- 19 pandemic, at http:// allen good man.wayne.edu/ Blog/ C- 19- Blog.pdf. Pick one of the entries and perform a
1.12 Discuss the valuation of “illness days averted” due to pandemic policies. How would you evaluate them in terms of a flu epidemic at your school, or where your children go to school? How
1.11 Enumerate the economic costs due to the interruption of education around the world. Are these costs permanent, or can they easily be made up?
1.10 We have learned that excess deaths in the United States exceed those in comparable countries by hundreds of thousands. Discuss this fact, given that the United States spends a much higher
1.9 Almost three- quarters of those Americans who died from COVID- 19 were age 65 or over. Since many of them might have died anyhow, should policymakers adjust the costs attributable to their deaths
1.8 Different groups (older people, Native Americans) were impacted differently by the COVID- 19 pandemic. Discuss why this might have occurred, and what policies might have equalized the burden.
1.7 The text discusses the possibility of saving 35,000 lives if we had a national 15 mph speed limit. How would you evaluate a proposal to save at least some lives with a national 30 mph speed
1.6 Contrast conclusions reached when comparing “pandemic as a tax” with “pandemic as a war.”
1.5 Evaluate the statement “I believe in markets. If they work, we should not worry about air pollution.”
1.4 What makes an economic activity an externality? Consider the following activities and determining whether they entail externalities:a Buying cigarettes at a store b Smoking cigarettes at a club c
1.3 Are all epidemics necessarily contagious diseases? Discuss the reasons why public health economists view obesity or type- 2 diabetes as epidemics.
1.2 What is “assimilative capacity”? Why is it so important for pollution and epidemics?
1.1 How do economic activities impact the spread of disease? Can limitations on economic activities affect the spread?
1.•Discuss epidemics as economic externalities
1.•Explain models of infection and epidemic
1.Describe the conditions necessary for pandemics to occur
1.5 Using Manning’s estimate of external costs of $0.33 per pack of cigarettes:a Calculate the new market price for cigarettes using a demand elasticity of 0.25. Would this be economically
1.4 In the discussion on rationales for intervention in markets, we note that Manning found external costs of $0.33 per pack of cigarettes.a Draw a supply and demand diagram, and graph Manning’s
1.3 Suppose the price elasticity of cigarette demand is 0.4. If we increased the prices of cigarettes by 50%, what would we expect to happen to the quantity purchased? To total expenditures on
1.2 If the elasticity of aggregate cigarette demand with respect to advertising were 0.15 in absolute value, by extrapolation what effect on cigarette consumption would be caused by a 10% reduction
1.1 The analysis accompanying Figure 8.3 investigates the impacts of an increase in cigarette prices. Use the figure to show both the short- run and the long- run impacts of a cigarette price
1.9 When all costs are considered, which public policy tool for curbing the consumption of bads would be the most costly to administer for a given amount of consumption reduction among consumers?
1.8 How would a tax hike in Kansas be helped or harmed in its attempt to curb smoking among Kansans if the neighboring states (e.g., Missouri, Nebraska) did not also hike their cigarette taxes?
1.7 Suppose it takes considerable time for the large majority of cigarette smokers to become fully informed about the fact that cigarette prices have risen all over. How would this matter to the
1.6 Explain how it is possible to advertise too little or too much.
1.5 How does the responsiveness to cigarette advertising and price differ between youths and adults? Why is this important?
1.4 What does the evidence on the effects of the partial US ban on cigarette advertising suggest about the relative effectiveness of cigarette advertising versus anti- smoking advertising?
1.3 Someone says: “The advertising elasticity of cigarette demand may be small, but it is big enough to warrant policy to ban cigarette advertising.” What would “big enough” mean in this
1.2 Do cigarette and alcohol ads you have seen contain primarily informative content or persuasive content? What consequences would you predict from your finding?
1.1 Many students smoke, drink alcohol, or ingest other addictive substances, such as caffeine(in coffee, tea, or soft drinks). How do the addiction models that are presented relate to students’
1.• Describe policies which correct the market failure, and their success in regulating these goods and reducing their consumption
1.• Discuss failure of private markets in regulating addictive or bad behaviors, which motivate policy intervention
1.• Describe and discuss the three economics models of addiction
1.Define and describe economic bads
1.1 Visit the CDC WONDER Internet site (https:// won der.cdc.gov/ ucd- icd10.html). Navigate the request form to show crude and age- adjusted death rates by race and ICD Chapter for diseases of the
1.7 Visit the CDC Behavioral Risk Factor Surveillance System (BRFSS) Web Enabled Analysis Tool (WEAT) (https:// nccd.cdc.gov/ weat/ #/ cros sTab ulat ion), which allows cross- tabulations of the

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