Principles of Microeconomics: Demand Theory

timer Asked: Aug 16th, 2013

Question description

Primary Task Response: Within the Discussion Board area, write 300 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas:

Health economists use demand theory to discuss how the quantity of services is affected by price.

Discuss the following:

  • As prices increase, should health economists advocate giving something up?
  • As the quantity of health services provided goes up, does the benefit of each additional unit of service become smaller?
  • Discuss the issue of health care in the context of the following microeconomic concepts: 
    • Marginal analysis
    • Trade-offs
    • Opportunity costs 
  • Should this decision be made in a centrally planned economy or a market economy? 
  • Is health care a macroeconomic or microeconomic issue?
  • How would this affect production efficiency?

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