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Health Economics' Study Guide

by: Alexis Collier

Health Economics' Study Guide HA 3950

Alexis Collier

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About this Document

Fall 2016
Health Economics
Study Guide
50 ?




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This 2 page Study Guide was uploaded by Alexis Collier on Sunday October 9, 2016. The Study Guide belongs to HA 3950 at Georgia State University taught by Montanera in Fall 2016. Since its upload, it has received 8 views. For similar materials see Health Economics in Nursing and Health Sciences at Georgia State University.

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Date Created: 10/09/16
STUDY GUIDE FOR HEALTH ECONOMICS What are the rules of indifference curves? 1. For two goods, indifference curves are downward-sloping. 2. There are infinitely many indifference curves. 3. Two different consumer curves can cross. 4. Every bundle has an indifference curve through it. Compared to a competitive market, Ceteris Paribus, a monopoly results in: Less consumer surplus and more producer surplus. Expected wealth is: an average over the possible wealth outcomes, weighted by the probabilities. A perfect agent only considers _______ when making decisions. The well-being of the hiring party. Under the target income hypothesis: Net income is more important than inducement until expected income is achieved. What are primary ways of making tough choices? 1. Theory 2. Evidence 3. Experience 4. Intuition What is comparative statics? Comparing equilibria after a change in the model environment. Why was the utility function model more useful than the supply/demand model for learning about insurance? It allows us to study tough choices under uncertainty. What is a shortage in economics? The difference between quantity demanded and quantity supplied when the price is below the market equilibrium price. Define efficiency? 1. The absence of waste 2. The maximum of total surplus. 3. There is no other outcome where one agent is better off and no agent is worse off. What is the main assumption when making a revealed preferences argument? Behavior is the result from evaluating a set of options and choosing the one delivering the highest payoff. When the efficient quantity is produced and consumed, the total surplus is a large as it can be made. What is opportunity cost? The value of the best forgone alternative. What is a model? A simplification of the real world designed to serve a useful purpose. What in a model makes a person dislike risk? diminishing marginal utility What is utility? 1. Happiness 2. Satisfaction 3. Well-being The marginal revenue curve is always below the demand curve because: selling an additional unit requires lowering the price on all units.


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