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If you had a choice between a traditional unrestricted indemnity plan with a 10 percent copayment and a staff model HMO with no copayments, at what percentage difference in premiums (that is, 10 percent, 20 percent, 30 percent) would you be indifferent between the plans? Do…
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Discussion If you had a choice between a traditional unrestricted indemnity plan with a 10 percent copayment and a staff model HMO with no copayments, at what percentage difference in premiums (that is, 10 percent, 20 percent, 30 percent) would you be indifferent between the plans? Do you think your choice of the percentage difference is a function of your age and/or health status? If you were elderly and/or sickly, which plan would you prefer if they cost you the same amount? Why?
10 percent would be appropriate because it is the lowest difference between the two plans. My choice of the percentage difference is a function of age and health because the two determine my choice of medical insurance plan. If I were elderly and/or sickly, I would chose a traditional unrestricted indemnity plan because it provides a patient with choice and security (Santerre and Neun 110).
2. Suppose the supply curve of medical services is perfectly inelastic. Analyze the impact of an increase in consumer income on the market price and quantity of medical services. Next, assume the demand for medical services is perfectly inelastic while the supply curve is upward sloping.
Explain the impact of an increase in input prices on the market price and quantity of medical services.
Explain how lack of information affects the price and quality of a medical good relative to a perfectly competitive situation.
Supply of medical services is perfectly inelastic:
An increase in consumer income will cause an increase in demand and market price but the quantity supplied will remain unchanged because medical practitioners have no choice in supplying medical services (Santerre and Neun 115).
Impact of an increase in input prices on the market price and quantity of medical services:
Prices of medical services will increase in response to increased costs of production. This will eventually in an increase in the supply of medical services. Producers always increase supplies when there is a price increment. However, there will be no change in the quantity demanded because consumers have no choice in the consumption of medical services as indicated by a perfectly inelastic demand curve (Santerre and Neun 115).
In a perfectly competitive situation, lack of information may result in high prices and low quality of a medical good. This is because price and quality of products is unknown to consumers and producers. Producers may take advantage of consumers by producing low quality products and charging high prices so as to improve their profit margins.
3. 1. Explain the difference between the explicit and implicit costs of production. Cite an example of each. Suppose you are to specify a short-run total variable cost function for a nursing home. Explain the variables you would include in the function. What is the expected relation between a change in each of these variables and short-run total variable costs?
Explicit and Implicit costs:
Explicit costs are costs incurred in the purchase of inputs of production and have a direct effect on profits. Such costs include utility bills and salaries. On the other hand, implicit costs are defined as the opportunity cost of utilizing units of production excluding cash. A good example is the depreciation of machines.
Short run total variable cost function:
Some of the variables that I would include in a short-run total variable cost function will be salaries, wages, rent and cost of utility. This is because the variables are critical in the operation of nursing home and can be changed easily. A change in each of these variables will have an equal effect on the total variable costs. For instance, a reduction in each of the variable costs will also reduce the short-run total variable costs (Santerre and Neun 216).

Works Cited
Santerre, Rexford, and Neun, Stephen. Health Economics: Theories, Insights, and Industry Studies. New York: Cengage Learning, 2009. Print. Read More
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