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How does the cost of traditional health care services

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1. How does the cost of traditional health care services affect the demand for alternative care? Think about the relationship between the two types of care and what that says about the elasticity of demand for each. For 200 words.;2. How does the price elasticity for flu vaccinations change in times when flu is more prevalent versus times when flu is less prevalent? For 200 words.;3. why are the US is facing such a crisis in its healthcare system. Several different theories have been hypothesized, but one of the most popular is that the overwhelming number of aging baby boomers is putting an untenable strain on our ability to provide care. The other argument is that the healthcare industry simply doesn?t provide enough (financial) incentive anymore for people to want to go into these fields, particularly nursing and health technology. The following article presents a different set of ideas though. Read through it and give me your thoughts on the primary reasons for shortages in the healthcare industry. ?Since the passage of the health-care law in March, much has been said about the coming swarm of millions retiring baby boomers and the strain they will put on the nation?s health-care system. That?s only half the problem. Overlooked in the conversation is a particular group of boomers: doctors and nurses who are itching to call it quits. Health-care economists and other experts say retirements in that gr oup over the next 10 to 15 years will greatly weaken the health-care workforce and leave many Americans who are newly insured under the new legislation without much hope of finding a doctor or nurse.? The Washington Post, ?Retirements In Health-Care Jobs May Strain Overhaul,? by Darryl Fears, page A5;4. Elasticity of demand for a product or service is generally described as its sensitivity to changes in price. If the relative sensitivity is high (meaning that demand changes more than price), then we say it has elastic demand, whereas if it is low (meaning that demand changes less than price), we say it has inelastic demand. In the market for healthcare goods and services, how would you characterize these in terms of elasticity? Are they all the same? What might make the difference in their relative levels of elasticity?;5. One aspect of our total compensation package (what we earn at work) that is often overlooked in value is the package of benefits we receive from our employer. Insurance and paid leave can oftentimes equal more then 35% of our total compensation. The following article discusses some of the trends in the costs of benefits over the last 2 years. Read it and provide some thoughts on how you think these trends have affected our overall economic well-being (think unemployment, wage rates, etc.) in recent years. Do you think that if the trends were different that we might be in a different economic situation? If so, how?

 

Paper#31126 | Written in 18-Jul-2015

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