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- Question content area Part 1 The potential market represents all active duty military members, allveterans, and their families. Assume that according to the United States Department of Defense, as ofDecember 31, last year there were 1 comma 361 comma 597 active duty personnel in all armed services.The veteran population totaled 21 million last year. Assuming the average cost of life insurance is $750 peryear and that potential customers purchase one policy per year, use the chain ratio method to calculatethe market potential for life insurance in the military market. Hint: see the Market Potential and SalesEstimates section of Appendix 3 Marketing by the Numbers in your textbook. Part 2 The number of buyersin the market can be estimated as 22,361, 597. (Round to the nearest whole number.) Part 3 Themarket demand is estimated as $16.77 million. (Round to the nearest whole number.)Suppose Jay has been experiencing back pain and that there are two options for back pain: Treatment Regimen Total Cost Pain Reduction Do nothing $0 0 units Cortisone injections $600 30 units Calculate the ICER between cortisone injections and doing nothing. Jay says he is willing to pay $10 for a per unit of pain reduction. Should he choose cortisone injections? Another treatment is discovered. It costs $700 and reduces pain by 25 units. Should he choose the new treatment?[A] Suppose that a drug company has developed an ointment that can be used to treat sores and reduce scarring. Surveys indicated that the ointment, which costs $10,000 for a full course of treatment, can improve the quality of life from 0.6 to 0.7 for patients with this problem. Assume that this population has a life expectancy of 70 years. No need to worry about discounting. 1. What is the Incremental Cost-Utility Ratio (ICUR) for taking the ointment over doing nothing for a typical 20-year-old patient? [Hint: This patient has only 50 years of life remaining.] 2. If the cost-effectiveness threshold is $5,000 per QALYS, will the 20-year-old patient choose to get the ointment? What about a 60-year-old patient? [B] Is it appropriate to evaluate a healthcare intervention using various methods of economic evaluation as discussed in this course, or should we choose one primary method that best fits the analysis?
- Formulate a Tactial Decision-Making Model for below scenario. Kindly Follow the Format on the Example below. Revenues & costs may be estimated. Scenario: "What to do with soon-to-expire (one month from expiry date) soft drinks?"One of these is NOT TRUE about Cost-utility analysis: a. It measures outcomes in Quality Adjusted Life Years (QALY), and Disability Adjusted Life Years (DALYs) b. Cost is measured in monetary units c. The limitation of this analysis is that it is difficult to compare the interventions with differing natural effects d. It is used to make policy level decisionsQ) Larry was accepted at three different universities and must choose one. Elite U costs $50,000 per year and did not offer him any financial aid. He values attending Elite U at 60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered him a full $20,000 annual scholarship. He values attending NoName at $15,000 per year. What is Larry's opportunity cost of attending Elite U? a. $15,000 b. $20,000 C. $50,000 d. $70,000 Explain it correctly
- Q) Larry was accepted at three different universities and must choose one. Elite U costs $50,000 per year and did not offer him any financial aid. He values attending Elite U at 60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered him a full $20,000 annual scholarship. He values attending NoName at $15,000 per year. What is Larry's opportunity cost of attending Elite U? a. $15,000 b. $20,000 C. $50,000 d. $70,000 Explain it earlyEconomyAs drug industryâs influence over research grows, sodoes the potential for biasBy Peter Whoriskey November 24, 2012For drugmaker GlaxoSmithKline, the 17Âpage article in the New England Journal of Medicine represented a coup.The 2006 report described a trial that compared three diabetes drugs and concluded that Avandia, the companyâsnew drug, performed best.âWe now have clear evidence from a large international study that the initial use of [Avandia] is more effective thanstandard therapies,â a senior vice president of GlaxoSmithKline, Lawson Macartney, said in a news release.What only careful readers of the article would have gleaned is the extent of the financial connections between thedrugmaker and the research. The trial had been funded by GlaxoSmithKline, and each of the 11 authors had receivedmoney from the company. Four were employees and held company stock. The other seven were academic…Choice of a neighbourhood is a function of economic parameters likeincome, wealth, and occupation. Social factors such as religion, caste,other group identity etc. also influence the decision of where to live.Demographic factors such as constituents of the family and number ofdependent members are also important. Family with more number of kidsis likely to prefer housing in an area with educational institutions.Similarly, family with more number of elderly will prefer a place wheremedical assistance can be quickly reached. Choice of neighbourhoodbecomes extremely important, as it affects the quality of life in a largeway. There are external effects of neighbour’s behaviour on one’s lifestyle. If the neighbours are very social and of high moral values, there areno clashes and disturbances. However, if one is not lucky enough to havea good and understanding neighbour, things can come to a level, wherethere can be fights and legal suites. One such example happened in mysociety recently.…
- Economic evaluation (Cost-Benefit Analysis CBA, Cost-Effectiveness Analysis CEA)is tool used to help decision makers allocate scarce resources in the most efficient way.You were requested to set up a smoking cessation clinic work in your organization i)determine the CBA/ CEA for providing this service, and ii) what factors will you needto take in consideration?3.2 Differentiate between accounting costs and economic costs. Motivate your answer with the aid of examplesThe HR department is trying to fill a vacantposition for a job with a small talent pool. Validapplications arrive every week or so, and theapplicants all seem to bring different levels ofexpertise. For each applicant, the HR managergathers information by trying to verify variousclaims on resumes, but some doubt about fitalways lingers when a decision to hire or not isto be made. What are the Type I and II decision error costs? Which decision error is more likely tobe discovered by the CEO? How does this affectthe HR manager’s hiring decisions?