Who into the elasticity of demand?
Respond to each of the following questions (150-200 words each) that apply the economic concepts described in this topic’s assigned readings in The Economics of Health and Medical Care.6th edtition Lanis L Hicks
1. Write the formula for price elasticity of demand and describe what it means.
2. How would you expect the price elasticity of demand for health care to vary with health status?
3. Would the demand for health care increase or decrease with an improvement in educational attainment in the community?
4. Studies using macroeconomic data indicate higher income elasticity for health care. Does that make health care an inferior, normal, or superior good? Explain.
5. Describe the components of time cost in health care. Is time less costly for patients with higher wage rates? Explain.
APA format is required.
This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.
Demand and Elasticity in Health Care
Less Than Satisfactory
70.0 %Comprehension of content.
Content is incomplete and omits most of the requirements stated in the assignment criteria. Major points are irrelevant to the assignment. No outside sources are used to support major points.
Content is incomplete or omits some requirements stated in the assignment criteria. Major points are not clear and/or persuasive. No outside sources are used to support major points.
Content is adequate and meets the requirements stated in the assignment’s criteria. Major points are addressed. Research is evident.
Content is comprehensive and accurate, and definitions are clearly stated. Major points are stated clearly and are supported. Research is adequate, timely, relevant, and addresses all of the issues stated in the assignment criteria. Relevant academic sources are cited where appropriate.
Content is comprehensive, accurate, and persuasive with examples. Definitions are clearly stated. Major points are stated clearly and are well-supported. Research is adequate, timely, relevant, and addresses all of the issues stated in the assignment criteria. Relevant academic sources are cited where appropriate.
20.0 %Organization and Effectiveness
7.0 %Thesis Development and Purpose
Paper lacks any discernible overall purpose or organizing claim.
Thesis and/or main claim are insufficiently developed and/or vague. Purpose is not clear.
Thesis and/or main claim are apparent and appropriate to purpose.
Thesis and/or main claim are clear and forecast the development of the paper. It is descriptive and reflective of the arguments and appropriate to the purpose.
Thesis and/or main claim are comprehensive. The essence of the paper is contained within the thesis. Thesis statement makes the purpose of the paper clear.
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 progression. Techniques of argumentation are evident. There is a smooth progression of claims from introduction to conclusion. Most sources are authoritative.
Clear and convincing argument presents a persuasive claim in a distinctive and compelling manner. All sources are authoritative.
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 and/or sentence construction are used.
Frequent and repetitive mechanical errors distract the reader. Inconsistencies in language choice (register), sentence structure, and/or word choice are present.
Some mechanical errors or typos are present but are not overly distracting to the reader. Correct sentence structure and audience-appropriate language are used.
Prose is largely free of mechanical errors, although a few may be present. A variety of sentence structures and effective figures of speech are used.
Writer is clearly in command of standard, written, academic English.
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 %Research Citations (In-text citations for paraphrasing and direct quotes, and reference page listing and formatting, as appropriate to assignment and style)
No reference page is included. No citations are used.
Reference page is present. Citations are inconsistently used.
Reference page lists sources used in the paper. Sources are appropriately documented, although some errors may be present
Reference page is inclusive of all cited sources. Documentation is appropriate and citation style is usually correct.
In-text citations and a reference page are complete and correct. The documentation of cited sources is free of error.
100 %Total Weightage
Who into the elasticity of demand?