You have just been put in charge of estimating the demand for hospital services in a...

You have just been put in charge of estimating the demand for hospital services in a major U.S. city. What economic and noneconomic variables would you include in your analysis? Justify why each variable should be included in the study, and explain how a change in each variable would likely affect the overall demand for hospital services.

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Expert Solution

I would include the following variables:

Variable 1: Average income of the population

Justification: Income of people is directly related to the healthcare services demanded by the general population. With a rise in income, people demand higher healthcare services. So, higher the income, higher will be the demand for healthcare services.

Variable 2: Average age of population

Justification: Higher the average age of the population, higher will be the demand for healthcare services. With a rise in age, people tend to demand more healthcare services.

Variable 3: Environmental factors

Justification: Environmental factors such as air quality, water quality, etc. makes a difference in the overall health status of the population. The healthier the environment is, the less will be the demand for healthcare services.

Variable 4: Size of population

Explanation: Population size directly affects the number of healthcare services required. The higher the population, the higher will be the demand for healthcare services.

Rahul Sunny answered 1 year ago

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