Suppose a household's income rose from 45k to 60k while their spending on health increased from 2k to 5k. 1. What is the income elasticity of demand for health? 2. What does this income elasticity of demand mean for this family?
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- What is the relationship between health and health economics?What does income elasticity of demand mean for insurance companies and medical providers for making a decision?You have a charger of your phone at home and you are relativley poor. When your income increases, what is income elasticity of it
- What are some of the metrics economists use to measure health outcomes?Discuss what is known about price elasticities of demand for various health care services. Needs to discuss acute, chronic, well, dentistry; hospital, ambulatoryYou have a charger of your phone at home and you are relativley poor. When your income decreases what is income elasticity of it (roughly)
- Discuss what is known about price elasticities of demand for various health care services. Needs to discuss acute, chronic, well, dentristry; hospital; ambulatoryDraw 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?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.
- AFDETAILS WANEFMAC7 12.6.007. The consumer demand equation for tissues is given by q - (105- p), where p is the price per case of tissues and q is the demand in weekly sales. (a) Determine the price elasticity of demand E when the price is set at $34. (Round your answer to three decimal places.) E- Interpret your answer. The demand is going 2 V by % per 1% increase in price at that price level. (b) At what price should tissues be sold to maximize the revenue? (Round your answer to the nearest cent.) (c) Approximately how many cases of tissues would be demanded at that price? (Round your answer to the nearest whole number.) cases per weekIf you are selling sports car how can the information on the income elasticity help you sell your product.a. What is the arc price elasticity of demand for healthcare consumers in Japan using only this data? b. Using your estimated elasticity, what would the demand for health care be if the price in tokyo were raised to 30 per visit? What would the demand in Hokkaido be if the price were lowered to 5 per visit? Region Outpatient visits Price/ visit Tokyo 1.25/ month 20Y Hokkaido 1.5/ month 10Y