Health Demand, Elasticity, Principle and Agent in Determining Demand for Medical Care” Please respond to the following:
- From the e-Activity, compare the primary individual factors that influence demand, and explain the significant ways in which each affects the demand curve. Provide at least one (1) example of these factors to support your rationale.
- Imagine a situation where consumers have incomplete information about their health status and about the productivity of medical care. Examine the roles of the principal and the agent in helping consumers to determine the demand for medical care in the described situation. Provide at least one (1) detailed example of such roles in action to support your response.
- Go to the U.S. National Library of Medicine Website and review the glossary of frequently encountered terms in Health Economics. Be prepared to discuss.