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Assume you want to determine the cost-effectiveness of a New Treatment for stage 4 breast cancer compared to the Old Treatment. You decide to use a one-year time frame. The New Treatment costs $60,000 per patient per year, and 80% of patients are alive at the end of one year. The Old Treatment costs $40,000 per patient per year, and 60% of patients are alive at the end of one year. Assume all relevant outcomes, costs, discounting, etc. are already included.
a) What is the cost-effectiveness of the New Treatment compared to the Old Treatment? Calculate the answer, expressed as cost per life-year gained. Show your work (as much as possible) and give the answer.
b) Next, assume you measure the health state preference (utility) of the patients receiving the two treatments, and you find that the utility is higher for the Old Treatment compared to the New Treatment. In this cost-utility analysis, would it ever be possible for the Old Treatment to be clearly cost-saving (i.e., gain more QALYs for a lower cost) when compared to the New Treatment? If so, how might this occur? If not, why is it not possible?
The U.S. domestic price of natural gas is below the world price because exports of natural gas are currently not permitted. Assume that natural gas production is a perfectly competitive increasing cost industry. Depict the current situation using the..
Which of the following is not a characteristic of capitalism? Agriculture is started to have five (5) distinct sub groups, which of the following was not a sub group listed in class? The index value for bottled water for 2006 is 1.6, the base year fo..
Let Nt = nNt−1and Mt = zMt−1 for every period t,where z and n are both greater than one. The money created each period is used to finance a lumpsum subsidy of a ∗ t goods to each young household. Find the equation for the budget set of an individual ..
Please draw the Keynesian Cross assuming the following information. Be sure to specify at what point consumption and disposable income are equal. Marginal Propensity to Consume = .67 Autonomous Consumption = $850. Assume that your disposable income i..
If you want to make four equal payments on each January 1 from 2013 through 2016 to accumulate the $1,000, how large must each payment be.
Sketch a demand curve that is unit elastic for a price change between $9 and $11. Assume that the quantity demanded is 110 when price is $9. You’ll have to determine the quantity demanded when price is $11.
If the marginal profit is negative for the sale of a certain number of units of a product, is the company that is marketing the item losing money on the sale? Explain. If the marginal profit is negative for the sale of a certain number of units,
Suppose the own price elasticity of market demand for retail gasoline is -0.9, the Rothschild index is 0.3, and a typical gasoline retailer enjoys sales of $2,350,000 annually. What is the price elasticity of demand for a representative gasoline reta..
Joint output of individuals or nations will be maximized when goods are exchanged between parties in accordance with the law of "comparative advantage". An increase in consumer income will affect the supply of any given product. The production possib..
Which of the following defines the quantity demanded?
What are the advantages of the HHI over concentration ratios in measuring the degree of concentration in an industry? What is the Bertrand model? What is its relationship to the Cournot model? What is the Stackelberg model?
Suppose a Big Mac costs 500 in Japan and $4.25 in the US, at a time with the XR is 112/$. Using the Big Mac theory of PPP, is the yen over-valued vs. the US$ or under-valued? Calculate the % over- or under-valuation. Show calculations.
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