Suppose the "incremental cost -effectiveness ratio " of radiation vs. chemotherapy is $20,000/year of life . In words, state what this ratio means. Suppose the cost of an MRI is $90 and the cost of an X-ray is $100 . On a 10 point scale , the effectiveness of an MRI is 9 and the effectiveness of an X-ray is 7. Will the "incremental cost- effectiveness ratio" be positive or negative? Why? Explain the intuition behind why health researchers use "Quality -Adjusted Life Years when measuring the benefits of adopting a particular treatment regime? What is the equation we use to quantify the number of QALYs a person is expected to live? Explain what each component of this equation represents Adam is 50 years old and has cancer. Ifhe doesn't get any chemotherapy, he is expected to live until age 55. His quality of life for the next four years will remain high, but it will steeply fall the final year of his life. If Adam does get chemotherapy, he is expected to live until age 60. However, chemotherapy will take five years and during that time his life will be really rough. After that, his quality oflife will improve. Suppose the numbers that represent these trade -offs are: NO TREATMENT CHEMOTHERAPY Age Quality of Life Prob of Being Alive Age Quality of Life Prob of Being Alive 50 0.9 1 50 0.2 1 51 0.9 1 51 0.2 1 52 0.9 1 52 0.2 1 53 0.9 1 53 0.2 1 54 0.1 1 54 0.2 1 55 0 0 55 0.7 1 55 0 0 55 0.7 1 57 0 0 57 0.7 1 53 0 0 53 0.7 1 59 0 0 59 0.7 1 60 O 0 50 0 0 a.) How many quality years is Adam expected to live if he foregoes treatment (i.e., what is the QALE)? b.) How many quality years is Adarn expected to live if he gets chemotherapy (i.e., what is the QALE)