Please answer the following questions regarding demand for health care, moral hazards, productivity and supply curve

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timer Asked: Oct 21st, 2018
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Question Description

1)

100 words per question with citations

Please answer the following questions regarding demand for health care.

  • In your own words use utility analysis to explain why people demand health. How does the Law of Diminishing Marginal Utility fit into the analysis?
  • How would you expect the price elasticity of demand for medical care to vary with health status? Give a specific example.

2)

Please answer the following questions regarding moral hazard and health disparities:

  • 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.

3)

Please answer the following questions regarding diminishing marginal productivity and the supply curve.

  • In your own words, explain the law of diminishing marginal productivity. Be sure to mention why the law tends to hold in the short run.
  • Based on your readings this week, in your opinion which factors impact the supply curve for physicians the most? In your own words, explain how each factor impacts the supply curve.



Tutor Answer

Kishnewt2017
School: Rice University

Attached.

Running head: QUESTIONS

1

Questions
Name
Institution

QUESTIONS

2
Part One

Qn. 1.
Health can be described as a durable good which when consumed, it generates utility
and a great deal satisfaction. Notably, most people will want to stay healthy and hence
increase their productivity. Therefore, as someone becomes fit out of consuming health he
will allocate decreased time towards being sick. This also means that the utility of health will
in decrease given the fact that the person is well and hence does not need to go to a hospital.
Therefore, in this case, each additional unit of health will lead to the reduced utility for the
individual who is in question.
Qn. 2.
The ultimate goal for any person is to stay healthy. In this case, for those that have full
health, they will normally avoid traditional medical interventions. For those who are
moderately well, they will fall between pursuing traditional medical interventions and
alternative ways of healing (Ellis et al., 2017). Those who are ill will...

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Anonymous
Thanks, good work

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