Cost and Economic Evaluation Assignment
Volume of 2 pages (550 words)
Assignment type : Coursework
1) Consider plastic surgery- you want to create relevant services. Specify a short run production function: what inputs would you include in the production function, and which would be fixed inputs and variable inputs? (First define what services you would be creating to address plastic surgery). CHP 7
2) Explain the law of diminishing marginal productivity, in the context of short run production of phlebotomy equipment. Explain the U shaped nature of the long run average cost curve in the context of long run production of phlebotomy equipment. CHP 7
3) Use surgery in a hospital setting to explain to illustrate the elasticity of substitution of services and economies of scope, and provide definitions for each term, in your own words. What factors affect elasticity of substitution? What factors affect economies of scope? CHP 7
4) How does a) marginal and average productivity curves differ? b) marginal and average cost curves differ? c) explicit and implicit costs differ? CHP 7
5) Consider heart attack first of line care (aspirin/blood thinners). How would you set up economic evaluation analyses – what would be the measures of costs and benefits and the alternative treatment comparison, and sources of data (Hint: I want to see all types of economic evaluation). How would economic evaluation contribute to efficiency? CHP 3
6) What is the difference between different types of economic evaluation? When would you use each type? CHP 3
7) What is the difference between willingness to pay and the human capital approach of cost benefit analysis? CHP 3
8) How does the discount factor affect the resulting findings, costs, and benefits? When would a high and low discount rate be chosen, respectively? Give examples to explain the context. CHP 3
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