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Alex, Bachelor's Degree
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For Alex 150-200 words for each question:1)

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For Alex 150-200 words for each question: 1) Write the formula for price elasticity of demand and describe what it means. 2) How would you expect the price elasticity of demand for health care to vary with health status. 3) Would the demand for health care increase or decrease with an improvement in educational attainment in the community? 4) Studies using macroeconomics data indicate higher income elasticity for health care. Does that make health care an inferior, normal, or superior good? Explain. 5) Describe the components of time cost in health care. Is time less costly for patients with higher wage rates? Explain. Please, make in-text citations and references from chapters 3 and 4 in the text, “essential of Health Economics” by Diane M. Dewar, published 2010 by Jones and Bartlett Publishers, LLC.

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The formula for price elasticity of demand is written as:
Price Elasticity of Demand = (% Change in Quantity Demanded)/(% Change in Price)
Using this formula requires the use of knowing the change in quantity demand as the numerator which can be determined using the value of the new demand minus the value of the old level of demand divided by the old level of demand. In other words what is demand at the new price point, did it go up or down and what is the percentage. That number then is divided by the percentage change in price of the product. This is simply the new price minus the old price divided by the old price which is a simply calculation such as $10 new price - $9 old price / 9 = .11. The resulting PEOD formula produces a number that is relative to unit elasticity of 1 or Price Elastic if greater than 1 and Price Inelastic if less than 1.

Obviously in looking at a scenario involving health care demand can vary as people who are healthy are not going to need health services all the time. However, when someone does need those services we can expect that the demand doesn’t change much or in other words healthcare is price inelastic as people will still demand the product even if the price increases. The demand will also vary greatly by age group as younger people require less health care services and older people require more. In the case of very young people there may be optional health services that are price elastic in which case younger people won’t utilize services unless they are absolutely necessary. Healthcare is unique in term of price elasticity of demand as it doesn’t fluctuate like products such as new cars or new homes.

In looking at improvements in education within the community there would likely be a greater demand for healthcare as people would be exposed to the benefits that healthcare can provide. In many cases people need to be reminded of the benefits of preventative medicine and by educating people they will likely take a more direct approach to their health. In most cases simply providing the awareness will encourage individuals to seek additional medical care. The same is true of educational attainment not only from a scholarly perspective but also from every education in terms of the risk associated with certain actions and the resulting health affects that may occur as a result of lifestyle. By not educating individuals they will likely demand less health care as they aren’t aware of the benefits that it provides and will have no need to seek help in terms of preventative medicine or ways to ensure they are healthy.

Healthcare is certainly a superior product and in many cases has the same price elasticity of demand as luxury goods. This directly correlates to increased income levels and the ability to buy additional products and services related to healthcare needs. If someone has the ability to pay for such products in most cases they will. Just like luxury cars tend to sell well in bad economic times as there are people who are always going to have extra money to spend the same is true of healthcare. If the income level supports it then the person will want to consume additional services and will demand more of it. The percentage increase in demand may be greater than the actual percentage increase of income as people may want to spend more money on products such as healthcare if they have the ability to do so. It’s important to note the distinction between income elasticity and price elasticity as they are unique in the healthcare arena.

Time cost in healthcare include all the cost associated with obtaining that care which can include time driving or walking to the doctors office, the time spent waiting for the doctor and the time required to pick up prescriptions etc as well as the time cost in terms of productivity in being off work. Time cost for those with higher wage rates are much more costly as the value they could produce while working is being reduced by the need to be away from work. If someone makes $100,000 a year and another makes $20,000 a year the cost of the person making 5 times the person making $20,000 will incur a much higher cost in terms of time due to the cost structure associated with that person. The higher the wage the higher the time cost to both them and their employer.

Alex, Bachelor's Degree
Category: Essays
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Experience: BS in Business Administration with honors. Able to assist in various business related questions.
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