Hen 368 lecture 7 the demand for medical care
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This document discusses concepts related to the demand for medical care. It covers how the demand for medical care is derived from the demand for health, and how demand is affected by factors like out-of-pocket prices, income, time costs, quality of care, and an individual's health status. The document also explains the law of demand, price elasticity of demand, and how elasticity is determined by characteristics of the good or service, like availability of substitutes, whether it is a necessity or luxury, and its share of the consumer's budget.
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Hen 368 lecture 7 the demand for medical care
- 1. Health Economics ! Lecture 7 The Demand for Medical Care
- 2. SPECIAL ! This week only Gall Blatter surgery 50% percent off
- 4. Derived Demand Getting health by buying medical care
- 9. Normal Market Medical Market
- 10. Normal Market Medical Market Planned
- 11. Normal Market Medical Market Planned Yes
- 12. Normal Market Medical Market Planned Yes No
- 13. Normal Market Medical Market Planned Yes No Know Price
- 14. Normal Market Medical Market Planned Yes No Know Price Yes
- 15. Normal Market Medical Market Planned Yes No Know Price Yes No
- 16. Normal Market Medical Market Planned Yes No Know Price Yes No Guarantee
- 17. Normal Market Medical Market Planned Yes No Know Price Yes No Guarantee Yes
- 18. Normal Market Medical Market Planned Yes No Know Price Yes No Guarantee Yes No
- 19. Normal Market Medical Market Planned Yes No Know Price Yes No Guarantee Yes No Equal Information
- 20. Normal Market Medical Market Planned Yes No Know Price Yes No Guarantee Yes No Equal Information Yes
- 21. Normal Market Medical Market Planned Yes No Know Price Yes No Guarantee Yes No Equal Information Yes No
- 22. Health Health and Medical Costs Medical Costs Large Gain Diminishing Marginal Utility Small Gain
- 23. The Law of Demand 100 90 80 70 60 50 40 30 20 10 0 0 1 2 3 4 5 6 7 8 9 10 Price Quantity
- 24. The Law of Demand 100 90 80 70 60 50 40 30 20 10 0 0 1 2 3 4 5 6 7 8 9 10 Price Quantity
- 25. The Law of Demand 100 90 80 70 60 50 40 30 20 10 0 0 1 2 3 4 5 6 7 8 9 10 Price Quantity
- 26. The Law of Demand 100 90 80 70 60 50 40 30 20 10 0 0 1 2 3 4 5 6 7 8 9 10 Price Quantity
- 27. The Law of Demand 100 90 80 70 60 50 40 30 20 10 0 0 1 2 3 4 5 6 7 8 9 10 Price Quantity
- 28. The Law of Demand 100 90 80 70 60 50 40 30 20 10 0 0 1 2 3 4 5 6 7 8 9 10 Price Quantity
- 29. The Law of Demand 100 90 80 70 60 50 40 30 20 10 0 0 1 2 3 4 5 6 7 8 9 10 Price Quantity
- 30. The Law of Demand 100 90 80 70 60 50 40 30 20 10 0 0 1 2 3 4 5 6 7 8 9 10 Price Quantity
- 31. The Law of Demand 100 90 80 70 60 50 40 30 20 10 0 0 1 2 3 4 5 6 7 8 9 10 Price Quantity
- 32. Law of Demand ! When price falls quantity demand increases ! When price increases quantity demanded falls.
- 33. Demand for Medical Care
- 34. Demand for Medical Care out-of-pocket price income time costs prices of substitutes and compliments tastes and preferences physical and mental profile state of health quality of care
- 36. Out-of-Pocket Price After insurance Coinsurance Copayments Deductible
- 37. Income
- 38. Income Higher income tends to demand more medical care
- 39. Time Costs
- 40. Time Costs Time to visit medical provider and the opportunity costs
- 41. Prices of Substitutes and Compliments
- 42. Prices of Substitutes and Compliments OR ! AND
- 44. Tastes and Preferences Marital Status - less Education - ? Lifestyle - risky
- 45. Physical and Mental Profile
- 46. Physical and Mental Profile Gender - women more Race/Ethnicity Age - older more
- 47. State of Health
- 48. State of Health Sicker - More Unhealthy - More
- 49. Quality of Care
- 50. Quality of Care Hard to measure nice office ! perception is more important than reality
- 51. Market Demand ! Intensive Margin Do you buy more or less when the price changes ! Extensive Margin Do more or fewer people buy when the price changes
- 52. Elasticity ! A measure of how much one economic variable responds to changes in another economic variable
- 53. Elasticity Percentage Change in Quantity Demanded Percentage Change in Price
- 56. Price Elasticity of Demand
- 57. Price Elasticity of Demand
- 58. Price Elasticity of Demand % %
- 59. Price Elasticity of Demand % % QD
- 60. Price Elasticity of Demand % % QD P
- 61. Price Elasticity of Demand % % QD P Percentage Change in Quantity Demanded Percentage Change in Price
- 62. Price Elasticity of Demand 1. Calculate Elasticity 2. Take Absolute Value 3. Compare to benchmark of 1 Inelastic Elastic <1 >1 1
- 63. What determines Price Elasticity of Demand?
- 64. Close Substitutes Passage of Time Luxuries vs. Necessities Definition of Market Share of Budget
- 67. Close Substitutes Elastic >1
- 68. Close Substitutes Elastic >1
- 69. Close Substitutes Elastic >1 Inelastic <1
- 70. Passage of Time
- 71. Passage of Time More Time More Elastic
- 73. Luxuries vs. Necessities Elastic
- 74. Luxuries vs. Necessities Elastic Inelastic
- 75. Share of the Budget Small Large
- 76. Share of the Budget Small Large Inelastic
- 77. Share of the Budget Small Large Inelastic Elastic
- 78. Price Elasticity of Demand % QD ! % P
- 79. $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 1 2 3 4 5 6 7 8 9 10 Gallons - Gasoline Price
- 80. $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 1 2 3 4 5 6 7 8 9 10 Gallons - Gasoline Price
- 81. $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 1 2 3 4 5 6 7 8 9 10 Gallons - Gasoline Price
- 82. $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 1 2 3 4 5 6 7 8 9 10 Gallons - Gasoline Price
- 83. $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 1 2 3 4 5 6 7 8 9 10 Gallons - Gasoline Price
- 84. $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 1 2 3 4 5 6 7 8 9 10 Gallons - Gasoline Price %rQD %rP
- 85. $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 1 2 3 4 5 6 7 8 9 10 Gallons - Gasoline Price %rQD %rP (4-5)÷5 (6-3)÷3
- 86. $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 1 2 3 4 5 6 7 8 9 10 Gallons - Gasoline Price %rQD %rP (4-5)÷5 (6-3)÷3 -20% +100%
- 87. $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 1 2 3 4 5 6 7 8 9 10 Gallons - Gasoline Price %rQD %rP (4-5)÷5 (6-3)÷3 -20% +100% .2
- 88. Close Substitutes Passage of Time Luxuries vs. Necessities Definition of Market Share of Budget
- 89. Income Elasticity of Demand ! Normal, Inferior, or Luxury? % QD ! % I
- 90. Income Elasticity of Demand Inferior Normal <0 >1 0 1 Luxury 0 to 1