MICROECONOMICS
11th Edition
ISBN: 9781266686764
Author: Colander
Publisher: MCG
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Chapter 23, Problem 5IP
To determine
Determine whether the regulations be implemented to avoid the premature death.
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Students have asked these similar questions
Which of the following techniques is used by economists to value years of life saved by a highway
safety program?
Either measuring the increased income that it allows or trying to get those affected by the improved safety to
reveal their willingness to pay for the reduced risk of death
Trying to get those affected by the improved safety to reveal their willingness to pay for the reduced risk of
death
none of the other answers is correct, because economists believe that it is impossible to put a value on life
Measuring the increased income that it allows
Suppose that Edison, an economist from a college in Pennsylvania, and Hilary, another economist from a nonprofit institution in the Midwest, are both
guests on a popular science podcast. The host of the podcast is facilitating their debate over health insurance. The following dialogue represents a
portion of the transcript of their discussion:
Hilary: A popular topic for debate among politicians as well as economists is the idea of providing government assistance for health
benefits.
Edison: I think it is oppressive for the government to tax people who take care of themselves in order to pay for health insurance for
those who are obese.
Hilary: I disagree. I think government funding of health insurance is useful to ensure basic fairness.
The disagreement between these economists is most likely due to
Despite their differences, with which proposition are two economists chosen at random most likely to agree?
Minimum wage laws do more to harm low-skilled workers than help them.
Tariffs…
Why economics is essential in addressing the health-related problem?
Chapter 23 Solutions
MICROECONOMICS
Ch. 23.1 - Prob. 1QCh. 23.1 - Prob. 2QCh. 23.1 - Prob. 3QCh. 23.1 - Prob. 4QCh. 23.1 - Prob. 5QCh. 23.1 - Prob. 6QCh. 23.1 - Prob. 7QCh. 23.1 - Prob. 8QCh. 23.1 - Prob. 9QCh. 23.1 - Prob. 10Q
Ch. 23 - Prob. 1QECh. 23 - Prob. 2QECh. 23 - Prob. 3QECh. 23 - Prob. 4QECh. 23 - Prob. 5QECh. 23 - Prob. 6QECh. 23 - Prob. 7QECh. 23 - Prob. 8QECh. 23 - Prob. 9QECh. 23 - Prob. 10QECh. 23 - Prob. 11QECh. 23 - Prob. 12QECh. 23 - Prob. 13QECh. 23 - Prob. 14QECh. 23 - Prob. 15QECh. 23 - Prob. 1QAPCh. 23 - Prob. 2QAPCh. 23 - Prob. 3QAPCh. 23 - Prob. 4QAPCh. 23 - Prob. 5QAPCh. 23 - Prob. 1IPCh. 23 - Prob. 2IPCh. 23 - Prob. 3IPCh. 23 - Prob. 4IPCh. 23 - Prob. 5IPCh. 23 - Prob. 6IPCh. 23 - Prob. 7IPCh. 23 - Prob. 8IPCh. 23 - Prob. 9IPCh. 23 - Prob. 10IPCh. 23 - Prob. 11IP
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- Journalist: To reconcile the need for profits sufficient to support new drug with the moral imperative to provide medicines to those who most need them but can not afford them, some pharmaceutical companies feel justified in selling a drug in rich nations at one price and in poor nations at a much lower price. But this practice is unjustified. A nation with a low average income may still have a substantial middle class better able to pay for new drugs than are many of the poorer citizens of an overall wealthier nation. Which one of the following principles, if valid, help to support the journalist's reasoning? a. People who are ill deserve more consideration than do healthy people, regardless of their relative socioeconomic positions. b. Whether one deserves special consideration depends on one's needs rather than on the characteristics of the society to which one belongs. c. Wealthier institutions have an obligation to expend at least some of their resources to assist those incapable…arrow_forwardThe government wants to regulate health insurance companies requiring them to provide insurance coverage not just for future health problems, but also for pre-existing conditions. For such a policy to succeed, it is important to make purchase of health insurance compulsory for individuals. Is this true or false? Explain your answer.arrow_forwardWhy will the market fail to yield efficient outcome during the pandemic?arrow_forward
- Which of the following is a provision of the Patient Protection and Affordable Care Act? Group of answer choices Insurance companies may not legally deny coverage to anyone on the basis of a preexisting medical condition. Every firm must purchase health insurance for their employees or face a $2,000 fine per employee. Every individual must purchase their own health insurance for themselves and their dependents or pay a fine. Adult children of parents with employer-provided health insurance can remain covered by their parents' insurance through age 35.arrow_forwardHow is the moral hazard problem relevant to the health care market?arrow_forwardEconomics Use the following information to determine the costs to you and/or to the insurance company for the following occurrences:1) You have $500 per person Wellness Benefit.2) You have a $500 İndividual Deductible and your family (spouse and children) has a $500 Family Deductible.3) You have a $10,000 annual Maximum Family Out-of- Pocket expense provision.4) Once you have met your Individual or Family Deductible, your insurance will pay 80% of the expenses and you will pay 20% as your co-pay.Unless the occurrence is a Wellness expense, you and/or your family have to meet their deductibles first before insurance will pay anything. Example:Assume that you have met your deductible, and you go to the Emergency Room for a large cut on your shin which required cleaning, 20 stitches, a tetanus shot, and antibiotics. (80/20 plan)Total Charges = $2,500 totalYour Responsibility = $2,500*.20 = $500 (goes toward your Max Out of Pocket)Insurance Responsibility = $2,500*.80 = $2,000 Question:…arrow_forward
- What have been some Economic consequences of a Pandemic?arrow_forwardThe presence of what two forces in a health insurance market may cause the market to completely unravel?arrow_forwardSuppose that we have a model that estimates that taking the COVID-19 vaccine creates a positive externality to society that is at least equal to $1500 per vaccine. (Amazing, right? Well, remember that I made it up.) This means that for every person that takes the vaccine, the benefits to society will be $1500 or more. a. First, what factors do you think go into estimating the benefits of $1500 per vaccine. This is kind of a brainstorming question – but it is worth points so don’t skip it. b. What is the relationship between the equilibrium quantity of vaccines and the socially optimal quantity of vaccines?arrow_forward
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