For the purpose of this question, assume that allowing payment for kidney donations would cause us to spend another $3.5 billion on kidney transplants. (This is slightly above the estimate provided in the text.) Also assume that permitting such payments saves the lives of 5,000 patients who would otherwise die waiting for a kidney? How much must we value a human life for it to make economic sense to permit payments for kidneys? How much is that number reduced if each of the 5,000 also ends up spending 36 months less on dialysis? Show all of your calculations. Concept Introduction: Cost refers to that particular amount which is forgiven by a firm or an individual to acquire an asset or a service.

Question

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Answer 1

Question

Chapter 9, Problem 1DQ

To determine

For the purpose of this question, assume that allowing payment for kidney donations would cause us to spend another $3.5 billion on kidney transplants. (This is slightly above the estimate provided in the text.) Also assume that permitting such payments saves the lives of 5,000 patients who would otherwise die waiting for a kidney? How much must we value a human life for it to make economic sense to permit payments for kidneys? How much is that number reduced if each of the 5,000 also ends up spending 36 months less on dialysis? Show all of your calculations.

Concept Introduction:

Cost refers to that particular amount which is forgiven by a firm or an individual to acquire an asset or a service.

Expert Solution & Answer

Explanation of Solution

In order to conduct the kidney transplant, the amount paid for kidney donations must be less than the value assigned to the life after transplantation. It is given that U.S expenditure for kidney donation is $3.5 billion. The total number of people is 5,000.

Since, as per the question allowing payment for kidney donations would cause the people in the United States (U.S.) to spend $3.5 billion in a year so, the value of the 5,000 human lives saved in a year from kidney transplants should be more than S35 billion.

Now if we include the savings which are achieved due to the fact that the payment system on kidney transplants helps in reducing the number of months required for dialysis by patients by 36 months, then the actual cost of saving the lives of 5,000 people requiring kidney transplant will actually decline.

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Answer 2

Question

Chapter 9, Problem 1DQ

To determine

For the purpose of this question, assume that allowing payment for kidney donations would cause us to spend another $3.5 billion on kidney transplants. (This is slightly above the estimate provided in the text.) Also assume that permitting such payments saves the lives of 5,000 patients who would otherwise die waiting for a kidney? How much must we value a human life for it to make economic sense to permit payments for kidneys? How much is that number reduced if each of the 5,000 also ends up spending 36 months less on dialysis? Show all of your calculations.

Concept Introduction:

Cost refers to that particular amount which is forgiven by a firm or an individual to acquire an asset or a service.

Expert Solution & Answer

Explanation of Solution

In order to conduct the kidney transplant, the amount paid for kidney donations must be less than the value assigned to the life after transplantation. It is given that U.S expenditure for kidney donation is $3.5 billion. The total number of people is 5,000.

Since, as per the question allowing payment for kidney donations would cause the people in the United States (U.S.) to spend $3.5 billion in a year so, the value of the 5,000 human lives saved in a year from kidney transplants should be more than S35 billion.

Now if we include the savings which are achieved due to the fact that the payment system on kidney transplants helps in reducing the number of months required for dialysis by patients by 36 months, then the actual cost of saving the lives of 5,000 people requiring kidney transplant will actually decline.

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Answer 3

Question

Chapter 9, Problem 1DQ

To determine

For the purpose of this question, assume that allowing payment for kidney donations would cause us to spend another $3.5 billion on kidney transplants. (This is slightly above the estimate provided in the text.) Also assume that permitting such payments saves the lives of 5,000 patients who would otherwise die waiting for a kidney? How much must we value a human life for it to make economic sense to permit payments for kidneys? How much is that number reduced if each of the 5,000 also ends up spending 36 months less on dialysis? Show all of your calculations.

Concept Introduction:

Cost refers to that particular amount which is forgiven by a firm or an individual to acquire an asset or a service.

Expert Solution & Answer

Explanation of Solution

In order to conduct the kidney transplant, the amount paid for kidney donations must be less than the value assigned to the life after transplantation. It is given that U.S expenditure for kidney donation is $3.5 billion. The total number of people is 5,000.

Since, as per the question allowing payment for kidney donations would cause the people in the United States (U.S.) to spend $3.5 billion in a year so, the value of the 5,000 human lives saved in a year from kidney transplants should be more than S35 billion.

Now if we include the savings which are achieved due to the fact that the payment system on kidney transplants helps in reducing the number of months required for dialysis by patients by 36 months, then the actual cost of saving the lives of 5,000 people requiring kidney transplant will actually decline.

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

Answer 4

Question

Chapter 9, Problem 1DQ

To determine

For the purpose of this question, assume that allowing payment for kidney donations would cause us to spend another $3.5 billion on kidney transplants. (This is slightly above the estimate provided in the text.) Also assume that permitting such payments saves the lives of 5,000 patients who would otherwise die waiting for a kidney? How much must we value a human life for it to make economic sense to permit payments for kidneys? How much is that number reduced if each of the 5,000 also ends up spending 36 months less on dialysis? Show all of your calculations.

Concept Introduction:

Cost refers to that particular amount which is forgiven by a firm or an individual to acquire an asset or a service.

Expert Solution & Answer

Explanation of Solution

In order to conduct the kidney transplant, the amount paid for kidney donations must be less than the value assigned to the life after transplantation. It is given that U.S expenditure for kidney donation is $3.5 billion. The total number of people is 5,000.

Since, as per the question allowing payment for kidney donations would cause the people in the United States (U.S.) to spend $3.5 billion in a year so, the value of the 5,000 human lives saved in a year from kidney transplants should be more than S35 billion.

Now if we include the savings which are achieved due to the fact that the payment system on kidney transplants helps in reducing the number of months required for dialysis by patients by 36 months, then the actual cost of saving the lives of 5,000 people requiring kidney transplant will actually decline.

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Answer 5

Chapter 9, Problem 1DQ

To determine

For the purpose of this question, assume that allowing payment for kidney donations would cause us to spend another $3.5 billion on kidney transplants. (This is slightly above the estimate provided in the text.) Also assume that permitting such payments saves the lives of 5,000 patients who would otherwise die waiting for a kidney? How much must we value a human life for it to make economic sense to permit payments for kidneys? How much is that number reduced if each of the 5,000 also ends up spending 36 months less on dialysis? Show all of your calculations.

Concept Introduction:

Cost refers to that particular amount which is forgiven by a firm or an individual to acquire an asset or a service.

Expert Solution & Answer

Explanation of Solution

In order to conduct the kidney transplant, the amount paid for kidney donations must be less than the value assigned to the life after transplantation. It is given that U.S expenditure for kidney donation is $3.5 billion. The total number of people is 5,000.

Since, as per the question allowing payment for kidney donations would cause the people in the United States (U.S.) to spend $3.5 billion in a year so, the value of the 5,000 human lives saved in a year from kidney transplants should be more than S35 billion.

Now if we include the savings which are achieved due to the fact that the payment system on kidney transplants helps in reducing the number of months required for dialysis by patients by 36 months, then the actual cost of saving the lives of 5,000 people requiring kidney transplant will actually decline.

Answer 6

Chapter 9, Problem 1DQ

To determine

For the purpose of this question, assume that allowing payment for kidney donations would cause us to spend another $3.5 billion on kidney transplants. (This is slightly above the estimate provided in the text.) Also assume that permitting such payments saves the lives of 5,000 patients who would otherwise die waiting for a kidney? How much must we value a human life for it to make economic sense to permit payments for kidneys? How much is that number reduced if each of the 5,000 also ends up spending 36 months less on dialysis? Show all of your calculations.

Concept Introduction:

Cost refers to that particular amount which is forgiven by a firm or an individual to acquire an asset or a service.

Expert Solution & Answer

Explanation of Solution

In order to conduct the kidney transplant, the amount paid for kidney donations must be less than the value assigned to the life after transplantation. It is given that U.S expenditure for kidney donation is $3.5 billion. The total number of people is 5,000.

Since, as per the question allowing payment for kidney donations would cause the people in the United States (U.S.) to spend $3.5 billion in a year so, the value of the 5,000 human lives saved in a year from kidney transplants should be more than S35 billion.

Now if we include the savings which are achieved due to the fact that the payment system on kidney transplants helps in reducing the number of months required for dialysis by patients by 36 months, then the actual cost of saving the lives of 5,000 people requiring kidney transplant will actually decline.

Answer 7

Chapter 9, Problem 1DQ

To determine

For the purpose of this question, assume that allowing payment for kidney donations would cause us to spend another $3.5 billion on kidney transplants. (This is slightly above the estimate provided in the text.) Also assume that permitting such payments saves the lives of 5,000 patients who would otherwise die waiting for a kidney? How much must we value a human life for it to make economic sense to permit payments for kidneys? How much is that number reduced if each of the 5,000 also ends up spending 36 months less on dialysis? Show all of your calculations.

Concept Introduction:

Cost refers to that particular amount which is forgiven by a firm or an individual to acquire an asset or a service.

Answer 8

Expert Solution & Answer

Explanation of Solution

In order to conduct the kidney transplant, the amount paid for kidney donations must be less than the value assigned to the life after transplantation. It is given that U.S expenditure for kidney donation is $3.5 billion. The total number of people is 5,000.

Since, as per the question allowing payment for kidney donations would cause the people in the United States (U.S.) to spend $3.5 billion in a year so, the value of the 5,000 human lives saved in a year from kidney transplants should be more than S35 billion.

Now if we include the savings which are achieved due to the fact that the payment system on kidney transplants helps in reducing the number of months required for dialysis by patients by 36 months, then the actual cost of saving the lives of 5,000 people requiring kidney transplant will actually decline.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 9 - Prob. 1DQ Ch. 9 - Prob. 2DQ Ch. 9 - Prob. 3DQ Ch. 9 - Prob. 4DQ Ch. 9 - Prob. 5DQ Ch. 9 - Prob. 6DQ

Explanation of Solution

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Chapter 9 Solutions