Details:
The purpose of this assignment is to describe economic concepts related to health care.
Respond to each of the following questions (150-200 words each) by applying the economic concepts described in this topic’s assigned readings from The Economics of Health and Medical Care.
- Write the formula for price elasticity of demand and describe what it means.
- How would you expect the price elasticity of demand for health care 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 an 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.
Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is not required.
This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.
| RUBRIC |
Demand and Elasticity in Health Care
| 1 Unsatisfactory 0.00% | 2 Less than Satisfactory 74.00% | 3 Satisfactory 79.00% | 4 Good 87.00% | 5 Excellent 100.00% | ||
| 70.0 %Content | ||||||
| 10.0 %Formula for Price Elasticity of Demand | Formula of price elasticity is not included. | Formula of price elasticity is incomplete or incorrect. | Formula of price elasticity is included but lacks detail. | Formula of price elasticity is included and has supporting detail. | Formula of price elasticity is extremely thorough with substantial supporting evidence. | |
| 10.0 %Expectation of Price Elasticity of Demand for Health Care Versus Health Status | A description of how the student would expect the price elasticity of demand for health care to vary with health status is not included. | A description of how the student would expect the price elasticity of demand for health care to vary with health status is incomplete or incorrect. | A description of how the student would expect the price elasticity of demand for health care to vary with health status is included but lacks detail. | A description of how the student would expect the price elasticity of demand for health care to vary with health status is included and has supporting detail. | A description of how the student would expect the price elasticity of demand for health care to vary with health status is extremely thorough with substantial supporting evidence. | |
| 20.0 %Health Care Increase or Decrease With Improvement in Education Attainment in the Community | A description explaining how the demand for health care could increase or decrease with the improvement in educational attainment in the community is not included. | A description explaining how the demand for health care could increase or decrease with the improvement in educational attainment in the community is incomplete or incorrect. | A description explaining how the demand for health care could increase or decrease with the improvement in educational attainment in the community is included but lacks detail. | A description explaining how the demand for health care could increase or decrease with the improvement in educational attainment in the community is included and has supporting detail. | A description explaining how the demand for health care could increase or decrease with the improvement in educational attainment in the community is extremely thorough with substantial supporting evidence. | |
| 20.0 %Macroeconomics and Health Care | A description explaining the elasticity for health care and determining if it is an inferior, normal, or superior good is not included. | A description explaining the elasticity for health care and determining if it is an inferior, normal, or superior good is incomplete or incorrect. | A description explaining the elasticity for health care and determining if it is an inferior, normal, or superior good is included but lacks detail. | A description explaining the elasticity for health care and determining if it is an inferior, normal, or superior good is included and has supporting detail. | A description explaining the elasticity for health care and determining if it is an inferior, normal, or superior good is extremely thorough with substantial supporting evidence. | |
| 10.0 %Time Cost in Health Care | A description of the components of time cost in health care is not included. | A description of the components of time cost in health care is incomplete or incorrect. | A description of the components of time cost in health care is included but lacks detail. | A description of the components of time cost in health care is included and has supporting detail. | A description of the components of time cost in health care is extremely thorough with substantial supporting evidence. | |
| 20.0 %Organization and Effectiveness | ||||||
| 7.0 %Thesis Development and Purpose | Paper lacks any discernible overall purpose or organizing claim. | Thesis is insufficiently developed or vague. Purpose is not clear. | Thesis is apparent and appropriate to purpose. | Thesis is clear and forecasts the development of the paper. Thesis is descriptive and reflective of the arguments and appropriate to the purpose. | Thesis is comprehensive and contains the essence of the paper. Thesis statement makes the purpose of the paper clear. | |
| 20.0 %Organization and Effectiveness | ||||||
| 8.0 %Argument Logic and Construction | Statement of purpose is not justified by the conclusion. The conclusion does not support the claim made. Argument is incoherent and uses noncredible sources. | Sufficient justification of claims is lacking. Argument lacks consistent unity. There are obvious flaws in the logic. Some sources have questionable credibility. | Argument is orderly, but may have a few inconsistencies. The argument presents minimal justification of claims. Argument logically, but not thoroughly, supports the purpose. Sources used are credible. Introduction and conclusion bracket the thesis. | Argument shows logical progressions. Techniques of argumentation are evident. There is a smooth progression of claims from introduction to conclusion. Most sources are authoritative. | Clear and convincing argument that presents a persuasive claim in a distinctive and compelling manner. All sources are authoritative. | |
| 20.0 %Organization and Effectiveness | ||||||
| 5.0 %Mechanics of Writing (includes spelling, punctuation, grammar, language use) | Surface errors are pervasive enough that they impede communication of meaning. Inappropriate word choice or sentence construction is used. | Frequent and repetitive mechanical errors distract the reader. Inconsistencies in language choice (register) or word choice are present. Sentence structure is correct but not varied. | Some mechanical errors or typos are present, but they are not overly distracting to the reader. Correct and varied sentence structure and audience-appropriate language are employed. | Prose is largely free of mechanical errors, although a few may be present. The writer uses a variety of effective sentence structures and figures of speech. | Writer is clearly in command of standard, written, academic English. | |
| 10.0 %Format | ||||||
| 5.0 %Paper Format (use of appropriate style for the major and assignment) | Template is not used appropriately or documentation format is rarely followed correctly. | Appropriate template is used, but some elements are missing or mistaken. A lack of control with formatting is apparent. | Appropriate template is used. Formatting is correct, although some minor errors may be present. | Appropriate template is fully used. There are virtually no errors in formatting style. | All format elements are correct. | |
| 5.0 %Documentation of Sources (citations, footnotes, references, bibliography, etc., as appropriate to assignment and style) | Sources are not documented. | Documentation of sources is inconsistent or incorrect, as appropriate to assignment and style, with numerous formatting errors. | Sources are documented, as appropriate to assignment and style, although some formatting errors may be present. | Sources are documented, as appropriate to assignment and style, and format is mostly correct. | Sources are completely and correctly documented, as appropriate to assignment and style, and format is free of error. | |
| 100 %Total Weightage | ||||||