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Demand For Medical Care - College Paper

Demand For Medical Care

The is derived from our demand for good health. Michael Grossman was the first to do econometric research on this topic. “Grossman’s work established two approaches for consideration. In the first, medical care is viewed as an input in the production function for health, and in the second, as an output produced by medical care providers (Henderson, p.142).” There are two main factors that determine the . The first is the patient factor. This includes a patient’s health status, demographic characteristics and economic status. The second is the physician factor. This is an interesting topic because it introduces the principal (patient)-agent (physician) problem. We are faced with ...

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not the only thing that improves health. Other factors affecting health status, such as life-style, environmental pollution, and technological developments, will shift the total product curve (TV).” Figure 4.1, on the next page graphically shows that health status obeys the Law of diminishing productivity. The graph below the total product curve is the marginal product curve. The derivative of the total product curve is the marginal product curve. This curve represents the marginal change in health status. You can see this curve is negatively sloped and can be negative. The maximum point on the total product curve is the total amount of health that we can get out of life. You may know from calculus that the slope of a line at a maximum or minimum is zero. If you look down on the corresponding point on the marginal product curve it lies on the x-axis. All medical treatment after this point is negative. What does this mean? Yes, medical treatment can be harmful to your ...

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Demand For Medical Care. (2004, May 25). Retrieved November 23, 2024, from http://www.essayworld.com/essays/Demand-For-Medical-Care/8373

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PAPER DETAILS

Added: 5/25/2004 01:23:29 AM
Category: Miscellaneous
Type: Premium Paper
Words: 1172
Pages: 5

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