1) You use a pharmaceutical product on a continuing basis for a year. Would you prefer the drug…

1) You use a pharmaceutical product on a continuing basis for a year. Would you prefer the drug to be available only by prescription or over-the-counter given the following information?
A. If the drug is over-the-counter, it costs $30 for a month’s supply and is not covered by insurance.
B. If it is Rx, a month supply retails for $100. You have a 20% drug co-pay. You must get a new prescription from your physician once every 6 months. An office visit costs $150. Your co-pay for physician visits is 30%. A physician visit takes an hour, your physician is only available during working hours, and you earn $80 per hour.
2) Why do you think the United States has more MRI machines but fewer nurses than the United Kingdom?

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3) In a publically financed program for the treatment of a disease, what are the advantages and disadvantages of weighting patients’ preferences more heavily than those of the general public?

4) Nurse Practitioners have argued that they have the ability to provide 70-80 percent of the medical services provided by primary care physicians at a much lower cost. Yet government regulations limit their ability to work independently of physicians. Explain what would happen to the level of competition in the physician services market if all the statues limiting the activities of nurse practitioners and physicians assistants were eliminated.

5) What is the price elasticity of demand? Provide four reasons why the demand for medical services is likely to be inelastic with respect to its price.