Differences between healthcare market and goods market.

Question

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Answer 1

Question

Chapter 7, Problem 7.1.1RQ

To determine

Differences between healthcare market and goods market.

Expert Solution & Answer

Explanation of Solution

Health care is provided through markets, so it also involves in the demand and supply of health care. Healthcare market is different from other market of goods and services in the following ways. The U.S. government provides health care services through Veteran Health Administration, that supply healthcare along with the private firms (private hospitals and doctors).

The second difference is that a typical consumer of healthcare does not pay the full price for the service he receives. This is because most of the people are in possession of the private health insurance provided by their employers or must have purchased on the government run health insurance market places. And also, most of them must have enrolled either in the Medicare or in Medicaid programs.

Economics Concept Introduction

Concept Introduction:

Healthcare: It refers to the goods and services that are intended to uphold and improve a person’s health.

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The accompanying graph shows the short-run demand and cost situation for a price searcher in a market with low barriers to entry. Price (dollars) 24 8 MC ATC MR 30 D 45 50 Quantity/time The firm will maximize its profit at a quantity of units. After choosing the profit maximizing quantity, the firm will charge a price of The firm will receive $ in revenue at the profit-maximizing quantity. The total cost of production for this profit-maximizing quantity is S The maximum profit the firm can earn in this situation is $ per unit for this output. How will the situation change over time? Profits will attract rival firms into the market until the profit-maximizing price falls to the level of per-unit cost. ◇ Losses will induce firms to leave this market until the profit maximizing price falls to zero. The market will adjust until the price charged by this firm no longer exceeds marginal cost at the profit-maximizing quantity. This market is already in long-run equilibrium, and will not…

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Answer 2

Question

Chapter 7, Problem 7.1.1RQ

To determine

Differences between healthcare market and goods market.

Expert Solution & Answer

Explanation of Solution

Health care is provided through markets, so it also involves in the demand and supply of health care. Healthcare market is different from other market of goods and services in the following ways. The U.S. government provides health care services through Veteran Health Administration, that supply healthcare along with the private firms (private hospitals and doctors).

The second difference is that a typical consumer of healthcare does not pay the full price for the service he receives. This is because most of the people are in possession of the private health insurance provided by their employers or must have purchased on the government run health insurance market places. And also, most of them must have enrolled either in the Medicare or in Medicaid programs.

Economics Concept Introduction

Concept Introduction:

Healthcare: It refers to the goods and services that are intended to uphold and improve a person’s health.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 7, Problem 7.1.1RQ

To determine

Differences between healthcare market and goods market.

Expert Solution & Answer

Explanation of Solution

Health care is provided through markets, so it also involves in the demand and supply of health care. Healthcare market is different from other market of goods and services in the following ways. The U.S. government provides health care services through Veteran Health Administration, that supply healthcare along with the private firms (private hospitals and doctors).

The second difference is that a typical consumer of healthcare does not pay the full price for the service he receives. This is because most of the people are in possession of the private health insurance provided by their employers or must have purchased on the government run health insurance market places. And also, most of them must have enrolled either in the Medicare or in Medicaid programs.

Economics Concept Introduction

Concept Introduction:

Healthcare: It refers to the goods and services that are intended to uphold and improve a person’s health.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 7, Problem 7.1.1RQ

To determine

Differences between healthcare market and goods market.

Expert Solution & Answer

Explanation of Solution

Health care is provided through markets, so it also involves in the demand and supply of health care. Healthcare market is different from other market of goods and services in the following ways. The U.S. government provides health care services through Veteran Health Administration, that supply healthcare along with the private firms (private hospitals and doctors).

The second difference is that a typical consumer of healthcare does not pay the full price for the service he receives. This is because most of the people are in possession of the private health insurance provided by their employers or must have purchased on the government run health insurance market places. And also, most of them must have enrolled either in the Medicare or in Medicaid programs.

Economics Concept Introduction

Concept Introduction:

Healthcare: It refers to the goods and services that are intended to uphold and improve a person’s health.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 7, Problem 7.1.1RQ

To determine

Differences between healthcare market and goods market.

Expert Solution & Answer

Explanation of Solution

Health care is provided through markets, so it also involves in the demand and supply of health care. Healthcare market is different from other market of goods and services in the following ways. The U.S. government provides health care services through Veteran Health Administration, that supply healthcare along with the private firms (private hospitals and doctors).

The second difference is that a typical consumer of healthcare does not pay the full price for the service he receives. This is because most of the people are in possession of the private health insurance provided by their employers or must have purchased on the government run health insurance market places. And also, most of them must have enrolled either in the Medicare or in Medicaid programs.

Economics Concept Introduction

Concept Introduction:

Healthcare: It refers to the goods and services that are intended to uphold and improve a person’s health.

Answer 6

Chapter 7, Problem 7.1.1RQ

To determine

Differences between healthcare market and goods market.

Expert Solution & Answer

Explanation of Solution

Health care is provided through markets, so it also involves in the demand and supply of health care. Healthcare market is different from other market of goods and services in the following ways. The U.S. government provides health care services through Veteran Health Administration, that supply healthcare along with the private firms (private hospitals and doctors).

The second difference is that a typical consumer of healthcare does not pay the full price for the service he receives. This is because most of the people are in possession of the private health insurance provided by their employers or must have purchased on the government run health insurance market places. And also, most of them must have enrolled either in the Medicare or in Medicaid programs.

Economics Concept Introduction

Concept Introduction:

Healthcare: It refers to the goods and services that are intended to uphold and improve a person’s health.

Answer 7

Chapter 7, Problem 7.1.1RQ

To determine

Differences between healthcare market and goods market.

Answer 8

Expert Solution & Answer

Explanation of Solution

Health care is provided through markets, so it also involves in the demand and supply of health care. Healthcare market is different from other market of goods and services in the following ways. The U.S. government provides health care services through Veteran Health Administration, that supply healthcare along with the private firms (private hospitals and doctors).

The second difference is that a typical consumer of healthcare does not pay the full price for the service he receives. This is because most of the people are in possession of the private health insurance provided by their employers or must have purchased on the government run health insurance market places. And also, most of them must have enrolled either in the Medicare or in Medicaid programs.