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This week we take on the most pressing Microeconomics issue of our time. According to the text, the income elasticity of health care is as high as 1.5 meaning a 1% increase in income would create a 1.5% increase in spending on health care services. Combine this with the fact that health care as a product or service is very inelastic and you've got an industry that will increase in size (revenue) as the price of health care rises.There are things that make the health care industry different than many industries. Your book lists four reasons: Ethical and equity considerations: People tend to believe that health care is more of a right than a privilege and for someone to be denied health care is seen as unfair. Asymmetric information: Consumers of health care services are not experts on the ailments nor the treatments options that are available, therefore we must rely on our doctors to give us advise on what to do. This is important because you are not able to make the normal trade-offs you would normally make in a purchase decision. Spillover benefits: Society receives benefits from health care that are not fully represented by the price, in other words, a healthy work force is a more productive workforce and an immunized population is one that is not as likely to get sick. Third-party payments insurance: The mere fact that you do not have to pay the full cost of your health care causes you to over-consume health care services. Does this lead to over consumption? Given these elements you're asked to develop a plan to improve or fix the health care system. I recommend consulting the OECD Health Project. So tell us:1. What in your opinion are the problems in the health care industry that are fixable?2. What in your opinion are the problems that are NOT fixable?3. Your suggestions for the fix.
Erica"s federal income tax withholding is $95, and she has no voluntary deductions. Compute Erica Chambers" gross earnings and net pay for the pay period.
abc corp. is expected to pay a dividend next year of 2.00 per share. both sales and profits are expected to grow at a
Compute the accounts receivable and inventory turnover ratios for 20X5. Alaska rounds all calculations to two decimal places
1.At the start of 2014, Adria Lopez is considering adding a partner to her business. She envisions the new partner taking the lead in generating sales of both services and merchandise for Success Systems.
How many direct labor-hours were worked during the period - Estimate Hours Worked from Overhead Data
franco electronics currently sells a camera for 300. an aggressive competitor has announced plans for a similar product
Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow:
Which of the following actions are most likely to directly increase cash as shown on a firm's balance sheet? Explain and state the assumptions that underlie your answer.
(1) In September 2010, HP completed its $2.35 billion merger with 3Par, just weeks after thwarting rival Dell in a bidding war for the storage vendor. 3Par's StoreServ Storage Platform has been HP's flagship product and a growth driver of HP's ..
hear right company has identified certain variable and fixed costs in the production of its hearing aid
consider the following information davis chilis bagwell company return on equity roe 14.10 9.00 plowback ratio 0.34
What are the combined total department costs for the producing departments after allocating the service department costs?
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