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- Situation A: If a person lives for 3 years with a disease and the current standard of care for that disease means he/she lives with a utility level of 0.7 .-What is the QALY? If that person takes a new medicine (Medicine A) because of which his/her utility level increases to 0.8,-What will be the new QALY? Calculate the benefit of new medicine.Question 1 Consider the proposition 5x + 9 ≥ 24.s(0) +9• Is r 20 a necessary condition or a sufficient condition or necessary andsufficient condition?• Is x ≥ 3 a necessary condition or a sufficient condition or necessary andsufficient condition?uestionIf surgeons really have the ability to increase thedemand for surgeries, which kinds of surgerieswill be most affected? Can you think of a way todetermine which surgeries are unnecessary? Provide several examples from your own readings orexperience.
- LIVING IN SPAINJackie moved to Spain to work for a public relations firm. She had health insurance from herprevious employer, but she was surprised to learn that her new employer in Spain did notoffer healthcare coverage. When she asked about this, she was told that more than 90percent of Spaniards use the public healthcare system, which was mostly free. However,her new employer did provide supplementary private health insurance that would allow herto receive quicker care from a private hospital if she desired.Jackie learned that she would be paying 4.7 percent of her salary and her employerwould pay 23.6 percent of her salary to the government for health insurance. She was given a Tarjeta Sanitaria Individual health card to prove that she had health insurance. With this,she could get free care at public hospitals and doctors’ offices. However, before seeing adoctor, she would need to register with a local primary care physician and decide whethershe would use public or private…Do you think Canada's universal health care program can alleviate problems caused by moral hazard and adverse selection in the private insurance markets? Why or why not? John's utility curve over total wealth is given by U(W) =VW (i.e. square root of W). Suppose that he has a 50% chance of being healthy. If he is healthy, he gets all his wealth-$10,000. If he becomes sick, he only has $3,600 remaining after medical expenditures. Calculate John's wealth and utility when he does and does not get sick, his expected utility, expected wealth, and his expected loss. Now he has the option of buying health insurance Calculate the maximum amount John would be willing to pay to fully insure against the cost of the sickness. How much is the actuarially fair and risk premium? Suppose that society consists of large, equal numbers of identical male and identical female consumers. Male consumers are similar to John; female consumers differ only in that they face a 25% probability of being sick, but…1. Fun with cost-sharing. An important distinction in health insurance is between the list price (PL) and out-of-pocket price (PP) of a medical good or service. The list price is the official price that the provider charges the insurance company, while the out-of-pocket price is the price that the insurance customer faces. Sometimes, the out-of-pocket price depends on the list price. a. Suppose a consumer’s demand for a particular medical procedure is Q = 100 − PP. Draw her demand curve in PL–Q space under the assumption of no insurance and label it D1. You will have to think about the relationship between PL and PP to draw it correctly. b. Now assume the same consumer is fully insured. Think about how this affects the relationship between PL and PP and draw a full-insurance demand curve in PL– Q space. Label this curve D2. c. Finally, assume the consumer is part of a partial insurance plan with a copayment provision. Her insurance pays all expenses above and beyond her copayment of…
- Suppose that in 2010 the number of births is temporarily high. How does this baby boom affect eh price of babysitting services in 2015 and 2025? (hint: 5-years old still need babysitters, whereas 15 years old can be babysitters).5 Suppose that a person’s demand curve for physician office visits is P = 200 – 20Q, where P is the price of an office visit, and Q is the number of physician visits per year. Also, suppose that the marginal cost of an office visit is always $60. c. Suppose this person obtains health insurance. The policy has no deductible, but has a coinsurance rate of 50 percent. How many visits will occur now? d. Suppose that the policy has no deductible but has a $20 co-payment. How many visits will occur now? e. Suppose the policy has a $20 co-payment and a $500 deductible. How many visits will occur now? f. Calculate the deadweight losses in the policies described in parts c, d, and e.7. Oster (2020) “Health Recommendations and Selection in Health Behaviors” which found that spurious links between health behaviours and good health outcomes can be self-reinforcing if individuals who engage follow the recommendation also engage in other positive health behaviours. a) Briefly describe in your own (layperson) words what this implies about false positive findings and null findings. b) Can you think of an example where the opposite is true? That is, individuals who follow the recommendation also engage in negative health behaviors. c) Suppose a medical examiner (coroner) is deciding the cause of death of a recently deceased patient. The patient overdosed and is unclear whether the overdose was accidental or intentional (i.e., suicide). The medical examiner remembers hearing on the news that morning that suicides have been rising in recent years. What does this imply about the likely cause of death the medical examiner will record on the death certificate? What does this…
- An important distinction in health insurance is between the list price (PL) and out-of-pocket price (PP) of a medical good or service. The list priceis the official price that the provider charges the insurance company, while the outof- pocket price is the price that the insurance customer faces. Sometimes, the out-ofpocket price depends on the list price.a. Draw a set of axes with list price PL on the y-axis and quantity Q on the x-axis (you will want to make your graph nice and big, because you will be adding several demand curves).b. Suppose a consumer’s demand for a particular medical procedure is Q=100−PP. Draw her demand curve in PL–Q space under the assumption of no insurance and label it D1. You will have to think about the relationship between PL and PP to draw it correctly.c. Now assume the same consumer is fully insured. Think about how this affects the relationship between PL and PP and draw a full-insurance demand curve in PL–Q space. Label this curve D2.d. Now assume the…Suppose a particular population has two kinds of health risks, high and low. Let the expected annual health care costs for the high risk be $10,000, and for the low risk, half that. If there are twice as many low risk as high risk individuals, and if the one insurer’s administrative load is 20%, what would the community rated premium be if everyone is compelled to and able to buy health insurance? Note: administrative load can be construed as the amount that the insurer has in costs to run the plans above and beyond the "health care costs."The minister of transport released its festive season road accident statistics which shows that the probability of drivers committing an accident is 8% with utility U(H)= squadroot H, where H stands for year income. The minister further claims these festive season road accidents cost the state (in terms of claims lodged) an average of 84 000 per annum. The road accident fund is an insurance scheme providing compulsory indemnity cover to victims of vehicle accidents and taxi drivers. a. Suppose that an average commuter earns 84000 per annum. What is the expected utility of each commuter if the driver decides not to take insurance. b. What is the cost of insurance policy to the road accident fund? c. Due to high accident rates in South Africa during the festive season, the road accident fund has issued a warning to government that the fund will be insolvent soon. Advise the minister on the cost of insurance that can collapse the scheme.