EBK HEALTH ECONOMICS
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ISBN: 9781137029973
Author: TU
Publisher: YUZU
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Chapter 2, Problem 13AP
To determine
An example of broad questions about income levels and demand for health care.
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The price elasticity of demand for health care has been estimated to be −0.2. Characterize this demand as price elastic, unit price elastic, or price inelastic. The text argues that the greater the importance of an item in consumer budgets, the greater its elasticity. Health-care costs account for a relatively large share of household budgets. How could the price elasticity of demand for health care be such a small number?
Indicate whether the statement is true or false, and justify your answer.There is a consensus among health economists that socioeconomic status has a major impact on health, but health does not have a significant effect on SES.
Suggest several reasons why health care spending is higher in the United States than in other countries.
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