(Solved) Assignment on Managerial Economics
Added on 2021-04-24
12 Pages2087 Words26 Views
Running head: MANAGERIAL ECONOMICSManagerial economicsName of the universityName of the studentAuthor Note
1MANAGERIAL ECONOMICSExecutive Summary:In the U.S, the medical cost has been increasing significantly over the past decade, which inturn has adversely affected the Senator’s constituents by a large extend. Hence, this report, onbehalf of an economic advisor of the government, is trying to provide a brief overview of thiseconomic phenomenon using the concept of indifference curve. After that, some legislativesuggestions are also provided.
2MANAGERIAL ECONOMICSTable of ContentsIntroduction:...............................................................................................................................3Health market in the U.S.A:.......................................................................................................3Analysis with the help of indifference curve:............................................................................5Legislative suggestions:.............................................................................................................8Conclusion:................................................................................................................................9References:...............................................................................................................................10
3MANAGERIAL ECONOMICSIntroduction:Over the past decade, the U.S has been experiencing an increasing trend in medicalcost compare to other consumer costs, which in turn has become an important issue for bothprivate and public sectors of this country (Salami et al., 2017). Thus, it is essential for thesenator to understand the impact of this changing cost structure on the constituents and toadopt suitable policies to reduce this burden. With the help of an economist, a brief analysiscan be done based in the light of some basic economic concepts. Hence, this report, on behalfof the economist, is going to represent the brief analysis regarding the impact of rapidlyincreasing medical cost, with the help of indifference curve concept and along with this, somelegislative suggestions can be provided over here. Health market in the U.S.A:The modern world has experienced significant improvement in medicinal science byinnovating new treatment facilities and medicines. The country, by possessing the largesteconomy of the world, has owned large numbers of hospitals, medical research centers andother medical facilities with modern technologies. In both public and private sectors, thismedical cost is increasing significantly since 2000 and within ten years, this cost has becomealmost double, that is, from $ 1.2 trillion in 2000 to $2.3 trillion in 2011(Bacon & Samuel,2017). However, the cost to obtain those facilities is comparatively high, especially for someserious disease like cancer, which is becoming a serious issue for each country, including theU.S. The health system of this country has remained unable to provide medical facilities to itsentire citizens, which in turn, has forced people to acquire health insurance from their privatespending.
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