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Demand and Supply

Demand and Supply

True/False

1) The demand for cosmetic surgery is more elastic than the demand for Botox treatments.

3) The Water-Diamonds Paradox is illustrated when water, which is essential for life, trades at a higher price than diamonds, which are not essential for life.

Multiple Choice

5) The market demand curve for aspirin

a) is measured at a specific time and place.

b) is comprised of all the individual demand curves.

c) is a marginal benefit curve.

d) slopes downward because the benefit from the tenth aspirin is much less than the benefit from the first aspirin.

e) all of the above.

7) Price elasticity measures the:

a) change in quantity per unit change in price.

b) change in price per unit change in quantity.

c) percentage change in quantity for each 1% change in price.

d) price sensitivity when quantity purchased changes.

e) quantity divided by price.

9) Health economists observe individuals’ willingness to pay by observing not only cash transactions, but also by observing patients’ time spent waiting and/or pain endured to obtain medical services. Examples of observable, non-cash prices paid by patients include all of the following, except

a) a caretaker waits nine months for a family member to receive nursing home care.

b) a patient undergoes experimental cancer vaccine to arrest the growth of a tumor.

c) a patient pays another patient $50 to trade places in the queue at the free clinic.

d) an elderly patient waits eight hours to see a doctor for free at a famous eye clinic.

e) a morbidly obese patient must undergo six months of nutrition counseling prior to undergoing surgery to induce weight loss.

11) Consider the following scenario. A pharmaceutical company has spent 230 million dollars developing and testing a new drug. The company projects the total revenue from sales to be about 850 million dollars over the course of three years after the drug approval by the FDA. The company is close to the completion of the research phase, when they learn that a competing drug has entered the market. Sales projections have been downgraded to 150 million dollars. An investment of an additional 9 million dollars would be required to complete the research and obtain the FDA approval, if the company decides to do so. The cost of producing actual pills, after the research phase is complete, will be close to zero and can be ignored for simplicity. The company should complete the research and launch production of this drug only if the required additional investment does not exceed

a) 3 million dollars.

b) 9 million dollars.

c) 150 million dollars.

d) 230 million dollars.

e) 850 million dollars.

13) Scientific evidence suggests that nurse practitioners (NPs) and physician assistants (PAs) can be considered as substitutes in providing many types of medical care. When hospitals take hiring decisions, the “price” (i.e. salaries) they have to pay for a new NP versus a new PA is one of the deciding factors. If PAs’ salaries have grown substantially during the last 6 months, while there has been no change in the NPs’ salaries, what would happen in the market for nurse practitioners’ services?

a) Supply of NPs to hospitals will increase.

b) Supply of NPs to hospitals will decrease.

c) Hospitals’ demand for NPs will increase.

d) Hospitals’ demand for NPs will decrease.

e) The increase in the salaries of PAs should have no effect on hospitals’ demand for or supply of nurse practitioners’ services.

15) Listed below are possible ways to improve the nation’s health status, except

a) increasing spending on medical care.

b) relaxing the environmental pollution standards.

c) paying for college education for children from low income families.

d) incentivizing consumers to participate in wellness programs, such as weight-loss plans.

e) provide government rebates to consumers for purchasing environmentally friendly vehicles.

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