Analytic Critique on health insurance task

Analytic Critique on health insurance

Order ID	53563633773
Type	Essay
Writer Level	Masters
Style	APA
Sources/References	4
Perfect Number of Pages to Order	5-10 Pages

Description/Paper Instructions

 

Question Description
1. Consider the following information on Betty’s demand for visits per year to her health

clinic, which is based upon the fact that her insurance does not cover clinical visits (that is, based upon a 100% coinsurance rate):

Price

Quantity

$60

5

$50

6

$40

7

$30

8

$20

9

$0

10

a. Betty has been paying $30 per visit (V). How many visits does she “consume” per year? Draw her demand curve.

b. Suppose now that her insurance company institutes a 70% coinsurance feature (that is, Betty pays 70% of the price of each visit). Show what happens to the demand curve. What is Betty’s new equilibrium quantity?

c. Appraise this statement: Compared with a 70% coinsurance rate as in part (b), Betty’s price elasticity of demand would be even higher if the coinsurance rate was 60%. (No calculations are needed to answer this question, so don’t calculate elasticity!)

2. Appraise this statement: A price ceiling on physician fees that is below the equilibrium market price would result in a reduction in social welfare. HINT: Include the concepts of consumer surplus, producer surplus and deadweight loss in your answer.

3. A foundation is considering funding a health intervention project that has been proposed by a local hospital. The foundation will base its decision about whether or not to fund the project strictly by considering the project’s financial benefits and costs. The project costs are $5 million at project inception (Year 0) plus $1 million per year in Year 1, 2, 3, 4 and 5. The present value of project benefits is estimated to be $8.5 million. At a 10% discount rate, should the foundation fund this project, or reject it? [“Year 0 means today (the project’s inception), “Year 1” means one year from today “Year 2” means 2 years from today, and so on.] VERY IMPORTANT: SHOW ALL WORK (that is, the calculations and formulas that you use to obtain your answer. Do NOT simply give your final answer. Even if your ultimate answer turns out to be incorrect, by showing all of your work, then you can be given partial – or even nearly full credit – for your answer. On the other hand, even if you provide a correct answer but do not show your work, then you will receive a poor grade. The answer to Question 3 may be written by hand (NEATLY!), and need not be typed.

4. Suppose that Norton’s income is $70,000 per year. He can spend it on healthcare visit

(V) or on all other goods (OG). The price per V is $200, and the price per OG is $50. a. Draw Norton’s budget constraint (put V on the horizontal and OG on the vertical axis). Using indifference curves, show Norton’s optimum if he buys 1360 OG per year.

b. Suppose that Norton’s falls to $50,000 per year, and that in response he decreases his consumption of V by 2. Show the new equilibrium point on the graph. What is his income elasticity of demand for V?

 

RUBRIC QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points:  Student failed to submit the final paper. 20 points out of 50:  The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50:  The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately.  Elements of the required response may also be lacking. 40 points out of 50:  The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples.  The answer is complete. 50 points:  The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples.  No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points:  Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points:  Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points:  References to scholarly sources are occasionally given; many statements seem unsubstantiated.  Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points:  Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented.  APA 6th Edition is used with only a few minor errors.  There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points:  Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented.  APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points:  Student failed to submit the final paper. 5 points out of 20:  The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors  10 points out 20:  The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20:  The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points:  The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points:  Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements.  The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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