Provide a 3-5 page summary that discusses the following concepts (be sure to include definitions and examples of each):
Economic Concepts Paper
Description
Provide a 3-5 page summary that discusses the following concepts (be sure to include definitions and examples of each):
The concepts of utility and elasticity in healthcare;
Shifters that may affect the supply and demand relationship in health care;
How economies of scale affect profit maximization in health care; and
Discuss the relationship between supply and demand in today’s competitive healthcare markets as well as the factors that may influence this relationship. Include examples to demonstrate how the concepts above are used to evaluate financial viability in a healthcare organization.
Please use your readings, Discussions, and current experiences in your response.
Directions
The finished Assignment should be a 3-5 page descriptive paper, excluding the title page and references. The viewpoint and purpose of this Assignment should be clearly established and sustained as you apply principles of economics to healthcare.
To view the Grading Rubric for this Assignment, please visit the Grading Rubrics section of the Course Resources.
Assignment Requirements
Before finalizing your work, you should:
be sure to read the Assignment description carefully (as displayed above)
consult the Grading Rubric to make sure you have included everything necessary; and
utilize spelling and grammar check to minimize errors.
Your writing Assignment should:
follow the conventions of Standard English (correct grammar, punctuation, etc.);
be well ordered, logical, and unified, as well as original and insightful;
display superior content, organization, style, and mechanics; and
use APA 6th Edition format.
How to Submit
Submit your Assignment to the unit Dropbox before midnight on the last day of the unit.
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Everything you need is included in the instructions and rubric.
Solution Preview
Concepts of Utility and Elasticity
In the health management system, the demand for services and products is measured through elasticity and utility concepts. The idea of understanding the effects of change generate a good overview of health insurance policies, which are evaluated over time(Di Novi,Marenzi, &Rizzi, 2018). The elasticity of demand in the healthcare organization makes some good thoughts on general services management.
(1,310 words)