Define health economics as separate discipline

Reference no: EM133617532

Question

1. Define health economics as e separate discipline. Why health care is different as to be unique? Briefly explain.

2. Assume that health production is subject to diminishing returns and that each unit of health care employed entails a constant rate of iatrogenic (medically caused) disease. Would the production of health function eventually bend downward? Explain.

3. Contrast technical and allocative efficiency. How can technical and allocative inefficiency in health care firms affect patient welfare?

4. What is elasticity of substitution? Explain with an appropriate example.

5. Suppose that John Smith gets promoted to a job that causes two changes to occur simultaneously: John earns a higher wage, and a safer environment causes his health to depreciate less rapidly. How would these two changes together affect John's desired health capital?

Reference no: EM133617532

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