HCA 530 Topic 6, Demand and Elasticity in Health Care
- Write the formula for price elasticity of demand and describe what it means.
- How would you expect the price elasticity of demand for healthcare to vary with health status?
- Would the demand for health care increase or decrease with an improvement in educational attainment in the community?
- Studies using macroeconomic data indicate higher income elasticity for health care. Does that make health care inferior, normal, or superior good? Explain.
- Describe the components of time cost in health care. Is time less costly for patients with higher wage rates? Explain.