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WEEK ONE: DEMAND FOR HEALTH CARE QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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WEEK ONE: DEMAND FOR HEALTH CARE QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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WEEK ONE: DEMAND FOR HEALTHCARE QUESTIONS AND ANSWERS WITH
SOLUTIONS 2024
Does evidence suggest consumers are price sensitive or price insensitive when it comes to health? -
ANSWER Demand for healthcare has been found to be relatively inelastic meaning the quantity
demanded for health care is only affected by large changes in price.
Consumers are relatively price sensitive to health care.
Describe the RAND-HIE experiment - ANSWER RCT
Randomly assigned 2,000 families from 6 American cities to one of several health insurance plans (plans
with different copayment rates):
0% copayment (free)
25% copayments
50% copayments
95% copayments
Define 'copayment rate' - ANSWER the fraction of the medical bill for which patient is responsible
Describe the Oregon Medical Experiment (OME) - ANSWER Compared two groups of low-income adults:
Lottery WINNERS: opportunity to apply for Medicaid and thus more likely to be covered by Medicaid
Lottery LOSERS: were not given a chance to apply for Medicaid
What is 'price' in health care? - ANSWER Marginal cost that patients pay when consuming a fixed amount
of care e.g. copayment rates
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