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- Discuss what is known about price elasticities of demand for various health care services. Needs to discuss acute, chronic, well, dentistry; hospital, ambulatoryThe price elasticity of demand measures how much the quantity demanded responds to changes in the price. In health care, demand is relatively inelastic because close substitutes exists. a. True b. Falseconsider curve D and S , if the govrment intervention and sets a price of 26 this is called
- Which of the following types of healthcare services has demonstrated the greatest variability in demand over time? A. Inpatient discharges B. Physician visits C. Long-termcare services D. Cosmetic surgeryP & A Ch 05 Q10 Consider public policy aimed at smoking. Studies indicate that the price elasticity of demand for cigarettes is about 0.2. If a pack of cigarettes currently costs $5 and the government wants to reduce smoking by 10%, it should increase the price by ? %. If the government permanently increases the price of cigarettes, the effect on smoking 1 year from now will be ( larger / smaller ) than the effect 3 months from now. Studies also find that teenagers have a higher price elasticity of demand than do adults. Which of the following statements are consistent with this result? Check all that apply. Adults are more likely to be addicted to cigarettes. Teenagers do not have as much income as adults, so they are more price sensitive. It is legal for adults to consume alcohol, so many choose to spend their money on that good rather than cigarettes.Are diamond rings elastic or inelastic? State determinant that supports guess.
- What does elasticity of demand mean for healthcare insurance companies, medical doctors and the government?Indicate whether the statement is true or false, and justify your answer.Unlike the usual measure of elasticity, an arc elasticity can be calculated from just one price–quantity data point.Discuss your views on the effect of price on the demand for urgent or non-urgent medical care. Justify how access to care may be related to the value of good health.
- What does income elasticity of demand mean for insurance companies and medical providers for making a decision?Energy markets, such as the market for natural gas and electricity, have been known to be characterized by inelastic demand. However, recent research discussed in the August 25, 2022 issue of The Economist, indicates that while the responsiveness of quantity demanded in response to price changes indeed is “inelastic” (i.e., the absolute value of price elasticity of demand is still less than 1), the percentage change in quantity demanded in response to a change in price is much larger than earlier research indicated. Answer these narrative questions. No graphs are needed. What does “inelastic demand” formally mean? In addressing this part of the question, please make sure to explain the concept of the price elasticity of demand using a simple formula and by providing a short narrative. Policymakers are encouraging people to conserve energy in response to the growing energy crisis. Discuss the positives (pros) and negatives (cons) of providing subsidies to consumers in this situation…under what circumcstances can you advise one to use the percentage method and the mid point method in measuring price elasticity of demand?