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- What are the purpose of individual enterepreneur? What are the few advantage or merits of individual enterepreneur?Use a graph to illustrate how the following changes would affect the demand curve for inpatient services at a hospital in a large city. a. Average real income in the community increases. b. A number of physicians in the area join together and open up a discount-price walk-in clinic; the cross-price elasticity of demand between physician services and inpatient hospital services is –0.50.You have data on Meena's quantity demanded for craft beer and theirincome. According to this data when Meena's income falls by 7% theassociated change in their quantity demanded for beer is 11%. You don'tknow if it is an increase or decrease in quantity demanded. From pastresearch you know that craft beer is a normal good for Meena. Use thisinformation to calculate Meena's income elasticity of demand.
- What is meant by accomodating items?When the FDA lifted restrictions of TV advertisements for prescription medication in 1997, How has the regulatory affected the market for pharmacuticals?You have a charger of your phone at home and you are relativley poor. When your income decreases what is income elasticity of it (roughly)
- 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?What is the usual relationship betweenelasticity and revenue?How would each of the following changes affect the demand curve for acupucture? 1) The surgeon general issues a warning that back surgery is ineffective. 2) Medicare stops covering back surgery.
- Discuss what is known about price elasticities of demand for various health care services. Needs to discuss acute, chronic, well, dentistry; hospital, ambulatoryA medical reported that the consumption of this product has many health benefits Describe how does this would affect the market for the product.What is the term that economists use for pricing that is inconsistent among consumers? a. moral hazard b. price discrimination c. adverse selection d. uniform distribution