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- 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.10. A deductible reduces ________ in exactly the same way as ________. Question 10 options: a) moral hazard; cancellation of insurance b) moral hazard; coinsurance c) adverse selection; restrictive provisions d) adverse selection; limits on the amount of insurance(J) Define moral hazard and give an original example. Do you agree with this concept of moral hazard, explain your answer?• What are the main determinants in health disparities and how can these be modified to improve health status and create health equity in society? In addition to what is in the text, elaborate on these determinants and solutions based on observations that you have made in your own life. Provide references in APA style, please.
- 6. Which is the best example of health care insurance in the sense of socializing risk?a. A dental insurance policy that pays for two check-ups a year but nothing else.b. A comprehensive health care policy that essentially pays for everything including check ups but is very expensivec. A health care policy that is relatively inexpensive but only pays for medical expenses after a $2,000 annual deductible is met. After $2,000 the policy pays 100 percent for everything.Economics 1. Does the demand for healthcare services vary in size with the affordable costs? 2.) Two sources of inefficiency that managed care attempts to address are moral hazard and demand inducement. True or false? a. True b. False 3.) Both moral hazard and demand inducement place us on a _____ medical system. a. flat-of-the-curve b. point of intersection c. tangent d. radius 4.) Managed care and managed competition are the same concept? True or false? a. True b False 5.) It is illegal for managed care organization to introduce competition among providers? True or false? a. True b False 6.) Government intervention arises from market failure and often includes which of the following? a competition generation b. tax policy c. competition generation and tax policy d. neither competition generation nor tax policyThis is a Microeconomics problem. (a) What is adverse selection in the context of a market with asymmetric information? (b) Explain how adverse selection can cause undesirable outcomes in a health insurance industry over time.
- Which is the best example of health care insurance in the sense of socializing risk? a. A dental insurance policy that pays for two check-ups a year but nothing else.b. A comprehensive health care policy that essentially pays for everything including check ups but is very expensivec. A health care policy that is relatively inexpensive but only pays for medical expenses after a $2,000 annual deductible is met. After $2,000 the policy pays 100 percent for everything.1) Suppose incomes at sick-state and healthy-state become perfect substitutes and the probability to become sick is 0.3. Using a diagram, explain which insurance contract (full or partial) will maximize this client’s utility.Suppose the demand for anxiety medication prescriptions is given by P = 300 – Q. Suppose the marginal cost for a prescription of anxiety medicine is constant at $100 per prescription. a. What is the quantity demanded in the absence of any insurance coverage for anxiety medication? b. Now, suppose there is full insurance coverage for anxiety medication (i.e. no cost-sharing at all). What is the new quantity demanded? c. Finally, suppose insurance covers anxiety medication, but there is 20% coinsurance, meaning that individuals must pay 20% of the cost of anxiety medication out of pocket. What is the new quantity demanded? d. Under the insurance structure given in part (c), what is the deadweight loss associated with the presence of insurance coverage?
- 1. We should expect to see more people in a group to purchase insurance as the probability of illness ___________ and the costs of an illness ____________.2. A) Discuss health insurance contract? b)What schemes are applicable for routine medical check-up and diagnostic tests?18.5 Suppose there is a 50–50 chance that an individual with log- arithmic utility from wealth and with a current wealth of $20,000 will suffer a loss of $10,000 from a car accident. Insur- ance is competitively provided at actuarially fair rates. Compute the outcome if the individual buys full insurance. Compute the outcome if the individual buys only partial insurance covering half the loss. Show that the outcome in part (a) is preferred. Now suppose that individuals who buy the partial rather than the full insurance policy take more care when driv- ing, reducing the damage from loss from $10,000 to $7,000. What would be the actuarially fair price of the partial policy? Does the individual now prefer the full or the partial policy?
