Week 2 Discussion: Demand for Healthcare
YOU MUST USE THE REQUIRED READING NO OUTSIDE SOURCE.
Provide a response to TWO of the questions below by Saturday, then provide a response to at least TWO of your peers by Tuesday:
· Include the two questions that you selected to discuss at the top of your initial posting.
· What exactly is the law of demand? Why does the demand curve generally slope downward?
· Explain the price elasticity of demand? Why is this important when looking at the demand for health care?
· What does it mean if a good has inelastic demand? Provide an example of an inelastic good?
· What factors lead to a shift in the demand curve for healthcare?
· What do we mean when we say goods are substitutes? Provide an example related to health care.
· What do we mean when we say goods are complements? Provide an example related to health care.
· What does diminishing marginal utility mean?
· Health care has both a consumption component and investment component? What is the investment component and can you provide an example?
· Economists agree that the healthcare market is characterized by "asymmetric information," what does this mean exactly?
APA Requirements -Include Scholarly Evidence: Include at least TWO APA formatted references with correlating in-text citations.
Supplemental Readings and Resources for Week 2:
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