Explain how the opioid epidemic could be ia supply problem caused by the oversupply of prescription pain meds, drug traffickers and illegal drug manufacturers. Draw a graph.
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Explain how the opioid epidemic could be ia supply problem caused by the oversupply of prescription pain meds, drug traffickers and illegal drug manufacturers. Draw a graph.
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- A website offers a place for people to buy and sell emeralds, but information about emeralds can be quite imperfect. The website then enacts a rule that all sellers in the market must pay for two independent examinations of their emerald, which are available to the customer for inspection. How would you expect this improved information to affect demand for emeralds on this website? How would you expect this improved information to affect the quantity of high-quality emeralds sold on the website?Suppose that in response to learning that some sick individuals were denied health insurance, the government mandates that insurance companies offer insurance to everyone at unregulated rates. (a) Would this help reduce the number of uninsured? Explain. (b) An alternative strategy for reducing the number of uninsured might be to mandate that insurance companies charge individuals with health problems no more than individuals without health problems. Would this help reduce the number of uninsured? Explain.2. A consumer’s demand for a medical service is: Q = 100 - ?? where ?? is the out-of-pocket price she/he actually faces. She/he is considering four different insurance options: uninsurance, full insurance, a 50% coinsurance plan, and a copayment plan with a $25 copay. a. Assume this service has a list price of ??= $70. Calculate Q under each insurance plan. b. Calculate the amount of social loss under each insurance plan.
- 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…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?[A] For this question, assume that the market for family physicians is perfectly competitive. To reduce the shortages of family physicians in rural Saskatchewan, the Ministry of Health increased the supply of physicians such as by hiring more internationally trained graduates. Despite this initiative, rural Saskatchewan still faces shortages of family physicians. 1. Why would that be the case? Draw the graph below to help explain your answer. 2. How would this impact the total health expenditure for family physicians? 3. What are the implications for policymakers in this situation? B] Suppose that provincial governments filed civil lawsuits against tobacco manufacturers seeking to recover the increased costs of operating programs that can be attributed to smoking. However, cigarette manufacturers and the province agreed to an out-of-court settlement that ended these suits. As a result of an agreement, cigarette manufacturers increased cigarette prices by $0.70 per pack. Before the…
- Suppose the government imposes a system of price ceilings in the health care industry as part of an overall health care reform bill. a) what happens to the amount of market exchange ? b) explain the impact of the price ceiling on efficiency c) who bears the cost of the regulation?16. Consider a market in which high-quality and low-quality television sets are sold. Before consumers make a purchase, they do not know the quality of the sets , but the sellers do know . As compared to a situation where both consumers and sellers know the quality of the sets, this situation would ) A)cause no change in the ratio of low to high-quality sets sold B)increase the fraction of high-quality sets sold (C) increase the fraction of low-quality sets sold (D) cause the average price of goods sold to rise.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 10Y
- 1. Consider the following conversation.CHAD: “None of the COVID-19 vaccines in Canada has full Health Canadaapproval, and if you get injured from the vaccines, then the pharmaceutical companiesare not liable. Furthermore, the vaccines do not prevent against the spread ofcoronavirus, though they may reduce symptoms. However, their efficacy wanes aftera few months.”VIRGO: “Vaccines have helped humanity to conquer diseases like tetanus andsmallpox. Why are you saying that vaccines don’t help at all?”Which logical fallacy does Virgo commit?(A) Argument from authority.(B) Ad Hominem.(C) Post Hoc Ergo Procter Hoc.(D) Straw Man.Suppose the government imposes a system of price ceilings in the health care industry as part of an overall health care reform bill. a) draw a graph of the health care market and show equilibrium price and quantity. b) assume the government imposes an effective price ceiling in the health care market. Show the price ceiling in your graph. Indicate what will happen to quantity demanded and quantity supplied of health over time ? c) would a shortage or surplus result ? I llustrate in your graph.. Each answer should consist of one paragraph that contain analysis (not opinion). 1 Consider a highway with a hot lane and a lane that has no toll. Assuming that the toll must be paid by all cars that use the hot lane, no matter how many people are riding in them. What can you predict about the average occupancy of vehicles in the hot lane compared to vehicles in the other lane during rush hour? 2. Explain how making something illegal (like sex, booze or drugs) impacts the quality, quantity and price of the illegal substance. In addition, are there any unintended consequences of making drugs illegal that can cause harm to people? 3 Anti-fracking “Baptists” include those concerned with any further environmental degradation from extracting non-renewable resources from the earth. Identify the “bootleggers” who would support the Baptists, albeit not so publicly, but still forcefully. Why would these…
