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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.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?The graphs below show the demand and supply schedules of COVID-19 vaccine. Base on the graphs below, answer the following questions. Graph 1 Graph 2 Quantity Quantity Graph 3 Graph 4 Quantity Quantity 1. If the importation fee increased, what would be the resulting graph/s? Would there be shortage or surplus? Explain. 2. If the number of cases increased, what would be the resulting graph/s? Would there be shortage or surplus? Explain Price Price Price Price
- Total health expenditures are a function of price and O A. Reimbursement O B. Value O C. Assets O D. Quantity1. Before cross-country transport of rescue dogs, what was the primary factor that determined the supply of rescue dogs? a. The number of certified dog trainers in the area. b. Whether people wanted to adopt a rescue dog instead of buying one from a breeder. C. The number of dogs that were spayed or neutered. d. Weather patterns, including hurricanes and other big storms.What would happen if, in order to provide lower cost healthcare, the government decided to set a price ceiling (Pmax) in the health insurance market? What is the effect of this maximum price legislation on the market for health insurance? Briefly explain the situation for both consumers and producers (i.e. healthcare providers). What might the government do to achieve their intended aims (i.e. lower costs and increased quantity)?
- How does the implementation of universal health care affect the allocation of medical resources in an economy? A. It leads to an overutilization of medical services, potentially causing longer wait. times. B. It reduces the overall cost of healthcare, leading to decreased spending on medical resources. C. It ensures that medical resources are only allocated to the most critical services. D. It increases the administrative costs of healthcare, reducing resources available for patient care.Question 1 Ps Po Pa Qd S A) QM. (B) QO. C) Qd. (D) undetermined without more information. D с 0.5 Points Refer to the above figure. Medicare subsidies have increased the price of medical services to P s. The quantity demanded of medical services isExplain and justify how the budget use to paid the health workers in the mids of pandemic without any delay and with benefits.
- What would happen if, in order to provide lower-cost health care, the government decided to set a price ceiling (Pmax) in the health insurance market? (Answer questions a, b, and below) a. What is the effect of this maximum price legislation on the market for health insurance? b. Briefly explain the situation for both consumers snd producers (i.e health care providers) c. What might the government do to achieve their intended aims (i.e. lower costs and increased quantity)?1. If the number of people with insurance increases, then what will most likely occur? a. a. a. a. a. The demand for health care will decrease. The demand for health care will increase. The demand for health care will be unaffected. There will be less preventive care. The amount of preventive care will be unaffected. 2.Requiring patients to pay a portion of the cost of the medical care they receive is designed to reduce the severity of a. a. a. a. a. moral hazard. diminishing returns. adverse selection. the principal-agent problem. market failure.10:26 A Homework IV.pdf 3. If substitution effect is greater than income effect, would physicians spend more time with existing patients or would they switch the more lucrative patients. Explain. 4. What is value-based- purchasing, was it successful for reducing unnecessary utilization. 5. According to economists, competitive market provides best outcome for consumer, lowest possible price with highest possible quantity. Why would this not work with health care market, and concentration of hospitals might be good idea? 6. Give examples of horizontal and vertical integrations in health care systems? 7. If the concentration of hospitals and insurance companies might be necessary, why do we need Department of Justice or Federal Trade Commission to investigate the merger and acquisitions? 8. From the following graph, show the equilibriums under each scenario. Market is in equilibrium at A under competitive market. (a) Show the equilibrium under monopoly. Call this point B (b) When the…