In applying demand and supply analysis, what are 3 key differences on each side of the...

In applying demand and supply analysis, what are 3 key differences on each side of the market (Demand and Supply) that make the health care market different?

Expert Solution

In applying demand and supply analysis, the 3 key differences on each side of the market ( demand and supply) that makes the healthcare market different are:

1. Health care market has consumers as patients and producers as doctors, nurses etc. The demand is very high but supply is low. Even quality health care is very costly, mostly out of reach of common people.

In, the diagram we can see that demand is more D1D1 and supply is low S1S1 due to this price is very high which is mostly out of reach of common people.

2. More than 80% of people is served by public health care, which does not provide proper infrastructure or amenities. And private health care is costly and can be accessed by affluents only. Some commoner take them into it and then become penny less.

3. Health insurance market has developed but not as it should be. Still many people thinks having health insurance and spending money in that without any return is bad investment. If people would purchase health insurance than the demand and supply would be in this way:

Insurance company pays $40 and patients pay $10 , so in this case patients will be beneficial if they have an insurance.

Rahul Sunny answered 2 years ago

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