Research Elasticiy and Demand in Health Care

Nursing
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Question one
The formula for calculating the price Elasticity of demand is;
Price Elasticity of Demand = % Change in Quantity Demanded / % Change in Price (Crane, Steven E. (2011). A product is said to be elastic if a little variation in cost is followed by a significant shift in the quantity required. Price elasticity of demand is an evaluation of the affiliation flanked by changes in the quantity required of a specified commodity and the variation of its cost. This means when the price elasticity of demand is let’s say (0) the demand will remain inelastic. No changes are there in demand when the price varies. This can be further explained that when the cost elasticity of demand is equivalent to one, the demand unit is elastic. Notably, when the number is greater than one, then demand is completely elastic. This is because demand is always exaggerated to a higher level by variations in value.
Question two
The cost for elasticity for wellbeing care is believed to be inelastic. When the health condition of a patient becomes worse, the price elasticity of demand for treatment aids shall grow to be further inelastic. This happens for the reason that at this stage the victims have no options but rather entirely depend on the advice of the doctor. Times when the patient’s health conditions are stable the reverse is realized. The price elasticity of demand for the hospital services will turn out to be elastic because the sick person can search for any other options. They do not rely on the alternatives from the health providers hence they are free to compare and choose options that they find suitable for them. Therefore, the health condition of the patient commands the cost elasticity of demand.
Question three
Development in educational achievement of a society will reduce the demand for health care services. Initializing education programs in the society will lead to enhanced awareness of health safety practices in the community. The knowledge acquired will equip the people of the community with the required skills to enable them to take appropriate measures to prevent the occurrence of the disease outbreak. The steps taken will, therefore, reduce the chances of the community people seeking health services e.g. buying medicine. When education is improved in the communit...