The government, which wanted to prevent the consumer from being victimized, limited the price of ethyl alcohol per liter to 150 TL and banned the sale in the market above this price. If supply cannot be increased, what is the result of this government's implementation? Briefly explain.
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With the COVID-19 epidemic, the demand for ethyl alcohol, which is very important in terms of meeting the need for hygiene, has also increased and the insufficient supply caused the price of ethyl alcohol to rise suddenly. During this period, the price of ethyl alcohol per liter rose to 400 TL, which caused a serious increase in all disinfectant prices, including cologne. The government, which wanted to prevent the consumer from being victimized, limited the price of ethyl alcohol per liter to 150 TL and banned the sale in the market above this price. If supply cannot be increased, what is the result of this government's implementation? Briefly explain.
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- With the COVID-19 epidemic, the demand for ethyl alcohol, which is very important for meeting the hygiene needs, has also increased and the insufficient supply has caused the price of ethyl alcohol to rise suddenly. During this period, the price of ethyl alcohol per liter rose to 400 TL, which caused a serious increase in all disinfectant prices, including cologne. The government, which wants to prevent the consumer from being victimized, limited the price of ethyl alcohol per liter to 150 TL and banned the sale in the market above this price. What does this government practice set an example for? Explain on the figure.Suppose that a study finds that the price elasticity of demand for MRI's is 0.3 (in absolute value). If the price of care were to ___ by 3%, we would expect the quantity of preventative care consumed to fall by ____%. Suppose that a study finds that the price elasticity of demand for MRI's is 0.3 (in absolute value). If the price of care were to ___ by 3%, we would expect the quantity of preventative care consumed to fall by ____%. a. fall; 0.3% b. rise; 0.9% c. rise; 0.3% d. fall; 0.9%Medicare recipients can purchase supplemental private insurance (known as Medigap insurance) to fill the gap in coverage left by Medicare. This gap includes copayments, deductibles, and prescription drug expenses not covered by Medicare. Several years ago, the government enacted regulations that specify minimum standards for items that Medigap policies must cover. This made the policies more expensive, and as a consequence, about 25 percent of the elderly who would have purchased some Medi-gap insurance purchased none at all [Finkelstein, 2004]. Consider an individual who consumes two goods, "insurance" and "all other goods." The cost of a unit of Medigap insurance is $1, as is the cost of a unit of all other goods. Sketch a budget constraint and set of indifference curves that are consistent with the following scenario: In an unregulated market, an individual with a $30,000 income purchases $5,000 worth of Medigap insurance. The government then puts mandates on Medigap policies that…
- Demand studies in health care have provided estimates of both income and price elasticity. Estimates of income elasticity are usually above +1.0. Estimates of price elasticity typically range between -0.1 and -.75 (with hospital services at the lower end and elective services at the upper end). What information do these estimates convey? What does the price elasticity of demand estimates imply for government policymakers, insurance companies, and medical providers' decisions? What does the income elasticity of demand estimates imply for government policymakers, insurance companies, and medical providers' decisions?The UN Committee on Economic, Social, and Cultural Rights (CESCR) is charged with interpreting the International Covenant on Economic, Social, and Cultural Rights (ICESR). In 2000 the Committee released General Comment 14, “The Right to the Highest Attainable Standard of Health”. The General Comment is important for advancing our understanding of a right to health under international law because it: (choose one) A) Sets out what has become known as the “3AQ model” addressing the conditions for health on the basis of Availability, Accessibility, Acceptability, and Quality. B) Creates new, specific obligations with respect to the delivery health care services that are binding on all countries of the world C) Makes it clear that the absence of a right to health in the Canadian Charter or Rights and Freedoms means that Canada is in clear violation of its obligations under the ICESR. D) Offers an account of a right to health that has been used by health advocates around the world E) A, B…Considering Healthcare price elasticity, would it be a good idea to implement a price increase on medical products?
- In a commentary piece on the rising cost of health insurance, ("Healthy, Wealthy, and Wise," Wall Street Journal, May 4, 2004, A20), economists John Cogan, Glenn Hubbard, and Daniel Kessler state, "Each percentage-point rise in health-insurance costs increases the number of uninsured by 300,000 people." Assuming that their claim is correct, demonstrate that the price elasticity of demand for health insurance depends on the number of people who are insured. What is the price elasticity if 192 million people are insured? If 192 million people are insured, then the price elasticity of demand for health insurance is (Enter a numeric response using a real number rounded to three decimal places. Be sure to include the minus sign.) What is the price elasticity if 247 million people are insured? (Enter a numeric If 247 million people are insured, then the price elasticity of demand for health insurance is response using a real number rounded to three decimal places. Be sure to include the…Suppose you are collecting data from a country like Japan where the government sets the price of healthcare. Each prefecture in Japan has a different set of prices (for example, Tokyo has higher prices than rural Hokkaido). Data for 1999 are displayed in the table below. Region Outpatient Visits per Month Price per Visit Tokyo 1.25 25 Hokkaido 1.75 15 (4 points) What is the arc price elasticity of demand for health care consumers in Japan (using only these data)? (4 points) Suppose that incomes are generally much higher in Tokyo than Hokkaido. Is your answer to the last question an overestimate or underestimate of price elasticity? Justify your answer. (c) (4 points) 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?Lactose intolerance causes difficulty digesting dairy products that contain lactose (milk sugar). It is particularly common among people of African and Asian ancestry. In the United States, 82 % of the population is white, 14 % is black, and 4 % is Asian. Moreover, 15 % of whites, 70 % of blacks, and 90 % of Asians are lactose intolerant.. What percent of the entire population is lactose intolerant?
- Comment on the elasticity of demand for medicineSuppose 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?Discuss the kind of pressure the Health Maintenance Organizations (HMO) exerted on the price of drugs.
