Plausible Influences on Physicians’ Marginal Revenue Product
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
Plausible Influences on Physicians’ Marginal Revenue Product
5.1 List three factors that are plausible influences on physicians’ marginal revenue product and explain your answers.
5.2 In this chapter, we noted there is some empirical evidence that beginning medical students systematically underestimate physicians’ earnings. What might explain why prospective medical students and beginning medical students tend to underestimate earnings in this occupation?
5.3 The physician (supplier)-induced demand model has been proposed as a framework for explaining important features of physicians’ services markets. Answer the following questions about physician-induced demand: a. What is meant by physician-induced demand? b. Specifically which stylized facts about physicians’ services markets does PID attempt to explain?
- What empirical evidence has been used to support the PID hypothesis? d. What would be the consequences of an increase in physician supply on the price of physician services, the quantity of physician visits, and total physician expenditures according to the PID hypothesis? How would these predictions differ from those of a conventional economic model of physician behavior?
5.4 Explain the distinction between perfectly competitive and monopolistically competitive markets. Which type of market structure provides a better description of the market for physicians’ services? Justify your answer.
5.5 Define “search,” “experience,” and “credence” goods. Which label best applies to each of the following? Discuss each case and justify your answers. a. notebook computer; b. physician office visit; c. applying for admission to medical school; d. surgical treatment; e. prescription drugs.
5.7 a. List the pros and cons of group practices as compared to solo practice. That is, what benefits can physicians receive if they join the group practice, and what costs do physicians or society as a whole need to pay for group practices? b. Which of the following doctors are more likely to join group practices, other things being equal? Explain your answers. i. risk-averse versus risk-neutral physicians; ii. young versus mature physicians; iii. male versus female physicians.
5.8 The Pauly-Satterthwaite model was developed to explain why physicians’ fees tend to be higher in markets with more physicians relative to the population. a. Using graphs, show why physicians’ fees may be higher in geographic areas in which physicians are relatively numerous b. What is the argument that search costs are higher in market areas with more doctors (according to the model)? How would the existence of other organizations, such as governments and private health insurers, as participants in the market for physicians’ services affect the analysis?]
5.9 Suppose you are contemplating a career as a physician, and you hear the following news from your country. Explain whether the following news is “good news” or “bad news” for your decision to choose medicine as a career. Good news means that the event increases your financial incentive to become a physician, and vice versa for bad news. Discuss each case separately, and justify your answers. Identify uncertainties that add ambiguity to the analysis. a. The share of gross domestic product spent on health care has increased substantially over time and is expected to increase in the future. b. Payment reform will lead to a switch from fee-for-service payments to a capitation plan. c. The government announces it will build a new medical school in your state. d. The government announces it will implement national health insurance that will provide comprehensive benefits to every citizen.
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). 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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. 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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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