“The consumption function and budget constraints explained are useful elements in understanding the microeconomic approach to health spending.” With the use of appropriate graphs and mathematical expressions, critically evaluate this statement.
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“The consumption function and budget constraints explained are useful elements in
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appropriate graphs and mathematical expressions, critically evaluate this statement.
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- a. Carefully explain why the basic framework of supply and demand is not sufficient to analyze the market for health care. b. “The consumption function and budget constraints explained are useful elements in understanding the microeconomic approach to health spending.” With the use of appropriate graphs and mathematical expressions, critically evaluate this statement.Describe Grossman's Improvement Model of Health. How does Grossman reconcile health as both something in demand and something produced by individuals?The goal of health insurance is to O spread financial risk over a large group of people O equally distribute the probabifity of loss over a large number of people collect sufficient premiums to cover all possible losses O equalize the availability of medical care across population groups O redistribute income from the sick to the healthy
- What is the difference, if any, between “Pharmacoeconomics” and “Health Economics”? Explain how microeconomics and macroeconomics are relevant to this field of study and support your answer with plausible examples. Based on your answer, illustrate why studying Pharmacoeconomics has become inevitable and remarkably essential in healthcare provision nowadays.One of the most robust, fundamental “facts” of health economics is the SES and health gradient. a) Define the SES and health gradient. b) Give three ways in which the SES and health gradient is robust. c) Provide evidence that some of the gradient is correlational (i.e., give a potential confounder) and evidence that the gradient is in fact causal. d) i. Give an interpretation of Figure 1 below in layperson terms. ii. What pattern do you see for men vs women? iii. “The education and mortality gradient does not depend on healthcare spending or whether the country has universal healthcare.” Use Figure 1 to support or refute this claim.Using appropriate graphs and mathematical expression, briefly discuss onemacroeconomic view of health spending.
- How do economic evaluations in Healthcare inform policy and other decision makers. In what sense is health care an investment? In whatsense is it pure consumption?Exercise 2. Describe the difference between allocative efficiency and productive efficiency in theproduction of health. Assume researchers prove beyond a shadow of doubt that allocative efficiencyand productive efficiency are both causal mechanisms for the production of health. Should theUnited States spend more money educating its citizens if the goal is to become the healthiest nationin the world? [
- Provide a summary of key trends in health care metrics such as waiting lists and health care spending in England and/or UK (depending on data source), where possible distinguishing before and after 2010, and before and after the pandemic. Please summarise this information as bullet points, where each bullet is succinct. Make clear in your answer if data is UK-wide or for England only. Graphs can be used to illustrate your points, if desired, but be mindful of space considerations.Suppose that you graph nations' health expenditures against income and see that the US's point lies below others (like in the stylized figure below). From the graph below, it appears that the US is However, this may not be the case if C Health Switzerland UK US Health expenditures HPF productively efficient; The US has a population that prefers spending their resources on health productively inefficient; The US has a population that prefers spending their resources on health productively efficient; The US has lower levels of inherent health, therefore it has its own HPF which is lower than the others. productively inefficient; The US has lower levels of inherent health, therefore it has its own HPF which is lower than the others.Provide at least five determinants of health at an economic perspective and provide a brief explanation of each determinant.
