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Essay / Research Paper Abstract
This 7-page paper applies supply and demand, diminishing marginal utility and price elasticity of demand to healthcare. Bibliography lists 4 sources.
Page Count:
7 pages (~225 words per page)
File: AS43_MTecoheaca.rtf
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Unformatted sample text from the term paper:
the mainstream media. Its not surprising; sometimes even healthcare experts have a hard time trying to make economics work in the industry.
The problem we face these days is that the exact amount spent on healthcare is very distorted, meaning its difficult to truly get a handle on reigning in costs.
One solution might be to go back to economics basics and determine, from these, how costs might be impacted by, and impacting, healthcare reform. Supply and Demand?
Most markets and economics work on the theory of supply and demand. Its a pretty straightforward theory, noting that if there is a demand
for a particular good or service, the manufacturer will increase its supply of that particular product until demand is "quenched." Once equilibrium has been reached (in theory), prices stabilize and
everyone has as much of a good or service as they need. Too much supply, the theory further notes, and prices go down to stimulate demand. Too little of supply,
and prices go up, with the manufacturer secure in the knowledge that people will pay almost any price to get that good. Toy manufacturers have gotten this concept down to
a science, especially during the holiday season. They stimulate demand for a particular product (mainly by targeting kids in their advertising campaigns) then ensure there is a limited supply (at
a higher price) for that particular good. The stories in past years of parents lining up outside the local Toys "R" Us days before Christmas hoping to get one of
a dwindling supply of Tickle Me Elmo dolls is a perfect example of the theory of supply and demand taken to extremes. But
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