[Solved] Economics

Assignment Prompt & Instructions

[>Economics homework help](https://www.sweetstudy.com/fields/business-finance-economics)

Explain the set to me

**files (1)**

– ## Problemset1.pdf

**## Problemset1.pdf**

Governors State University
Department of Health Administration & Informatics

HLAD 4104 Health Care Economics

Problem Set 1

(Total: 20 Points)

1. Please explain the three major tasks of economics, what are they, and provide an example
for each of the tasks. (6 points)

2. The following table shows data for Australia, the United Kingdom and the United States.
(5 points)
a. Please compare and contrast the life expectancy at birth change from 2010 to 2015 in

Australia, United Kingdom and United States?
b. Please compare and contrast the expenditure per person change from 2010 to 2015 in

Australia, United Kingdom and United States?
c. What did you observe regarding the relationship between life expectancy and

expenditure per person from the three countries? What conclusions do you draw from
your observation?

Life Expectancy (Years) Expenditure per Person
2010 2015 2010 2015

Australia 81.8 82.5 $3,893 $4,493
United Kingdom 80.6 81.0 $3,281 $4,125

United States 78.6 78.8 $8,559 $9,507
Source: Data from OECD (2017).
Note: Expenditure per person has been translated into US dollars and adjusted for inflation.

3. The graph below contains four lines, E, F, G, and H, explaining different relations
between price and quantity of visits. Which line(s) indicates a positive relationship
between price and quantity of visits, and explain why? Which line(s) indicates a negative
relationship between price and quantity of visits, and explain why? What is the slope for
line E, F, G, and H, respectively? (5 points)

4. Please indicate at which point flat-of-
the-curve medicine is experienced in the
following example, assuming that
influenza shots have been administered
for a given population of elderly
persons. (4 points)

Number of
Influenza shots
Administered

Number of
Hospitalizations for

Influenza
0 6000

100 5500
250 4800
300 3200
450 2000
550 1800
600 1800

**## Problemset1.pdf**

Governors State University
Department of Health Administration & Informatics

HLAD 4104 Health Care Economics

Problem Set 1

(Total: 20 Points)

1. Please explain the three major tasks of economics, what are they, and provide an example
for each of the tasks. (6 points)

2. The following table shows data for Australia, the United Kingdom and the United States.
(5 points)
a. Please compare and contrast the life expectancy at birth change from 2010 to 2015 in

Australia, United Kingdom and United States?
b. Please compare and contrast the expenditure per person change from 2010 to 2015 in

Australia, United Kingdom and United States?
c. What did you observe regarding the relationship between life expectancy and

expenditure per person from the three countries? What conclusions do you draw from
your observation?

Life Expectancy (Years) Expenditure per Person
2010 2015 2010 2015

Australia 81.8 82.5 $3,893 $4,493
United Kingdom 80.6 81.0 $3,281 $4,125

United States 78.6 78.8 $8,559 $9,507
Source: Data from OECD (2017).
Note: Expenditure per person has been translated into US dollars and adjusted for inflation.

3. The graph below contains four lines, E, F, G, and H, explaining different relations
between price and quantity of visits. Which line(s) indicates a positive relationship
between price and quantity of visits, and explain why? Which line(s) indicates a negative
relationship between price and quantity of visits, and explain why? What is the slope for
line E, F, G, and H, respectively? (5 points)

4. Please indicate at which point flat-of-
the-curve medicine is experienced in the
following example, assuming that
influenza shots have been administered
for a given population of elderly
persons. (4 points)

Number of
Influenza shots
Administered

Number of
Hospitalizations for

Influenza
0 6000

100 5500
250 4800
300 3200
450 2000
550 1800
600 1800