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, located in the Student Success Center. 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. You are required to submit this assignment to LopesWrite. Please refer to the directions in the Student Success Center.
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