26703: Health – Introductory Health Economics – GP Consultationsis – Nursing Assessment Answer

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Code: 26703

Introductory Health Economics GP Consultationsis Assessment Answer

Assignment Task: 26703

Question1:

StudieshaveshownthatthepriceelasticityforGPconsultationsis-0.2andfor emergencydepartmentservicesitis-

(a)Ifthegovernmentpromisestoreducetheco-paymentofGPservicesby10% whatwillbetheimpact(inpercentageterms)onGPutilisation.Willtotal expenditureonGPservicesincreaseordecrease?

(b)Ifapriceriseof10%isimposedonemergencydepartmentservices,whatwillthe 

impactbe(inpercentageterms)onEDuse?

(c)Usingadiagramwithanindifferencecurveandbudgetconstraint,explainwhat 

wouldhappentothedemandforEDandGPconsultationsifco-paymentsforGP consultationsdecreasedbutEDco-paymentsstayedthesame

Question2:

Thelinksbetweentobaccosmoking,passivesmokingandlungcancerarewell established.

(a)Whatarethefeaturesoftobaccosmokethatimposesexternalities?

(b)Explainwhethertheseare:

a.positiveornegativeexternalities?

b.productionorconsumptionexternalities

(c)Inasupplyanddemanddiagramshowthedeadweightlossassociatedwith tobaccosmokeunderascenariowherethereareexternalities

Studentname: Studentnumber:

Question3:

Thefollowingtableprovidesincompleteinformationonthecostsofproducing diagnosticimagingtests.Itusestwoinputstoproduceitsoutputs:capitaland labour.Thefixedcostsreflectthemonthlyleasingcostforthediagnosticimaging machineandthevariablecostsreflectsthewagesandhoursworkedbystaff.

Assumethatthefirmisoperatinginaperfectlycompetitivemarket.Alsoassume thatitsfixedcostsaresunkcosts(i.e.itcannotrecuperatethesecostsevenifit decidestoleavethemarket.

Quantity produced

Fixed

Variable cost

cost

Average total cost Total cost

Average variable costs

Marginal cost

0 50 0 1 50 50 2 50 70 3 50 85 4 50 95 5 50 110 6 50 130 7 50 155 8 50 185 9 50 220 10 50 260

(a)Completeallemptycellsinthetableabove(1mark).

(b)Provideabriefexplanationofwhythemarginalcostscouldexhibitthepattern

youobserveinpart(a).

(c)Addthreecolumnstothetableaboveheaded:

(i)marginalrevenue;

(ii)total

revenue;and

(iii)profit.Ifthemarketpricewas$31,completeallnewcolumnsin thetableovertheoutputrangeof0to10(1mark)

(d)Ifthemarketpricewas$31,whatwouldbetheoptimum levelofproductionfor 

thefirm?Why?(2marks).

HINT:Itmaybeeasiertocutandpastetheabovetableintoaspreadsheet,complete youranswersandthencutandpastethetablebackintoyourassignmentdocument.

Studentname: Studentnumber:

Question4:

Considerthefollowingdemandandsupplyfunctionsforphysiotherapyservices.

=26-P Q

D

1

2

and

=P-40 Q

s

WhereQ

D

isthequantitydemanded,Q

S

isquantitysuppliedandPrepresent theprice.

(a)Drawadiagramthatreflectstheabovedemandandsupplyfunctions.Besureto  

labelallpartsofyourdiagramcorrectly.

(b)Calculatetheequilibriumpriceandquantity.

(c)Ifthegovernmentsetsapricefloorinthismarketof$50,showwhatwillhappen inyourdiagramandcalculatethequantitydemandedandsupplied.

HINT:attheequilibrium,

Q

D

=Q

S

Question5:

(a)Describewhatismeantbysupplier-induceddemand?(useasupplyanddemand  

diagramtohelpyouexplainyouranswer)(2marks)

(b)Whywouldeconomistsbeconcernedaboutthepresenceofsupply-induced  

demand?

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