This assessment item requires students to apply their knowledge of key economic

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Assessment 1 (2018) Assessment item 1 (formative and summative) This assessment item requires students to apply their knowledge of key economic ideas and frameworks and also technical and analytical skills. Please Note: A list of references (as distinct from a bibliography) must be provided at the end of each assignment. A format recommended in the above publication must be used. Item Objective Due Date Questions Formative and Summative 60% ( 3000 words) April 2nd 2018 Assessment 1. Due April 2 nd 2018 Assessment 1 Questions • The following questions are to be answered in no more than the word count indicated and should be correctly referenced according to APA system • The answersshould be set out with the number of the question, and the question in bold at the top. • Each question must be attempted. • Margins should be 2.54cm for top, bottom, left and right. Double line spacing, justification left and right and Calibri Font 12 should be used. Total points: 60 Question 1 (800 words, 20 points) There were about 88,000 persons on the waiting list for organs, mostly kidneys, for transplant operations in the United States in the year 2005 (UNOS, 2005). In the UK, approximately 6000 people are waiting for organs – and fewer than 3000 transplants are performed each year (UK Transplant, 2005). In most countries there is a persistent shortage of organs resulting in a substantial loss of life and health. a) (12 points): (i) (4 points): Why do you think these shortages exist? (ii) (6 points): Suppose quantity demanded of organs (e.g. kidney) goes up with price. Can you think of a reason why demand for organs would defy the Law of demand? If organ was available in a free market, how would the shortage be reflected in a supply-demand framework, where demand for an organ is upward sloping? Explain using an appropriately labelled diagram. (iii) (2 points): Continuing with this hypothetical case (of a market for organs), do you expect the market demand curve for organs to be price elastic or price inelastic? What about the supply curves? Explain why. (Draw the supply and demand curves in part (ii) keeping in mind these elasticities) b) (8 points): “We should allow a market for human organs where purchase and sale of organs for transplant surgery can be conducted just like any other economic goods.” Do you agree or disagree? Justify your stance from an ethical point of view or an efficiency point of view. Question 2 (1200 words, 20 points) A Hypochondriac in the Grossman model: Hypochondria or ‘illness anxiety disorder’ is a psychosomatic condition that is the result of an inaccurate perception of the condition of body or mind despite the absence of an actual medical condition. An individual suffering from hypochondriasis is known as a hypochondriac. Hypochondriacs become unduly alarmed about any physical or psychological symptoms they detect, no matter how minor the symptom may be, and are convinced that they have, or are about to be diagnosed with, a serious illness. Imagine an individual in the Grossman model who suddenly develops hypochondriasis. a) (10 points): How would this affect her optimal level of health? Explain your answer in the light of the three roles that health plays in the model. Use appropriate diagrams to facilitate your explanation. b) (10 points): Now imagine this hypochondriac suddenly wins a mega jackpot lottery of $1 million. How does this exogenous income shock change decisions about her health status? Question 3 (800 words, 20 points) “The emergency room is always busier on full moon nights”. There has been a reasonably widespread belief among medical professionals in the last decade that suicide rate rises with lunar phase. a) (4 points): Is there any scientific evidence to validate this claim (cite at least two authentic journal articles). b) (4 points): If the claim is valid, explain why there might be a higher incidence of suicide on full moon. If not, what behavioural bias is responsible for such views? Explain. c) (4 points): Briefly discuss another example in healthcare where such bias may be present. d) (8 points): What role does “present-bias” play in patients’ health-related (e.g. lifestyle) choices? Provide an example that has not been already discussed in class.

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This assessment item requires students to apply their knowledge of key economic

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Assessment 1 (2018)
Assessment item 1 (formative and summative)
This assessment item requires students to apply their knowledge of key economic
ideas and frameworks and also technical and analytical skills.
Please Note:
A list of references (as distinct from a bibliography) must be provided at the end of each
assignment. A format recommended in the above publication must be used.
Item Objective Due Date
Questions Formative and
Summative 60% (
3000 words)
April 2nd 2018
Assessment 1. Due April 2
nd 2018
Assessment 1 Questions
• The following questions are to be answered in no more than the word count
indicated and should be correctly referenced according to APA system
• The answersshould be set out with the number of the question, and the
question in bold at the top.
• Each question must be attempted.
• Margins should be 2.54cm for top, bottom, left and right. Double line spacing,
justification left and right and Calibri Font 12 should be used.
Total points: 60
Question 1 (800 words, 20 points)
There were about 88,000 persons on the waiting list for organs, mostly kidneys, for
transplant operations in the United States in the year 2005 (UNOS, 2005). In the UK,
approximately 6000 people are waiting for organs – and fewer than 3000 transplants are
performed each year (UK Transplant, 2005). In most countries there is a persistent shortage
of organs resulting in a substantial loss of life and health.
a) (12 points):
(i) (4 points): Why do you think these shortages exist?
(ii) (6 points): Suppose quantity demanded of organs (e.g. kidney) goes up with price. Can
you think of a reason why demand for organs would defy the Law of demand? If organ was
available in a free market, how would the shortage be reflected in a supply-demand
framework, where demand for an organ is upward sloping? Explain using an appropriately
labelled diagram.
(iii) (2 points): Continuing with this hypothetical case (of a market for organs), do you expect
the market demand curve for organs to be price elastic or price inelastic? What about the
supply curves? Explain why. (Draw the supply and demand curves in part (ii) keeping in mind
these elasticities)
b) (8 points): “We should allow a market for human organs where purchase and sale of
organs for transplant surgery can be conducted just like any other economic goods.” Do you
agree or disagree? Justify your stance from an ethical point of view or an efficiency point of
view.
Question 2 (1200 words, 20 points)
A Hypochondriac in the Grossman model: Hypochondria or ‘illness anxiety disorder’ is a
psychosomatic condition that is the result of an inaccurate perception of the condition of
body or mind despite the absence of an actual medical condition. An individual suffering
from hypochondriasis is known as a hypochondriac. Hypochondriacs become unduly
alarmed about any physical or psychological symptoms they detect, no matter how minor
the symptom may be, and are convinced that they have, or are about to be diagnosed
with, a serious illness.
Imagine an individual in the Grossman model who suddenly develops hypochondriasis.
a) (10 points): How would this affect her optimal level of health? Explain your answer in
the light of the three roles that health plays in the model. Use appropriate diagrams to
facilitate your explanation.
b) (10 points): Now imagine this hypochondriac suddenly wins a mega jackpot lottery of $1
million. How does this exogenous income shock change decisions about her health status?
Question 3 (800 words, 20 points)
“The emergency room is always busier on full moon nights”. There has been a reasonably
widespread belief among medical professionals in the last decade that suicide rate rises with
lunar phase.
a) (4 points): Is there any scientific evidence to validate this claim (cite at least two authentic
journal articles).
b) (4 points): If the claim is valid, explain why there might be a higher incidence of suicide on
full moon. If not, what behavioural bias is responsible for such views? Explain.
c) (4 points): Briefly discuss another example in healthcare where such bias may be present.
d) (8 points): What role does “present-bias” play in patients’ health-related (e.g. lifestyle)
choices? Provide an example that has not been already discussed in class.

Our academic experts are ready and waiting to assist with any writing project you may have. From simple essay plans, through to full dissertations, you can guarantee we have a service perfectly matched to your needs.

GET A 40% DISCOUNT ON YOU FIRST ORDER

ORDER NOW DISCOUNT CODE >>>> WELCOME40

 

 

Posted in Uncategorized