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ECON545: Project 1—Microeconomic Analysis

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ECON545: Project 1—Microeconomic Analysis
ECON 545 Microeconomic analysis
KELLER GRADUATE SCHOOL OF MANAGEMENT
Project 1

Situation A

My situation has to do with my niece Jenny. Jenny is a super intelligent high-school student who wants to make intelligent choices about her future so she’s decided to call upon me for advice in regard to possibly pursuing a career as a doctor and on the best location to practice medicine. She got wind that I am currently taking a business course in economics and decided to e-mail me for information on the market for physicians in terms of supply and demand, elasticity, costs of production, pricing, and economic profit and loss. As a caring uncle, I definitely recognize the significance of choosing a career in medicine. I truly want Jenny to be armed with the most valuable and pertinent information on the topic possible, so I decided to educate myself about the market for physicians. With this information I provided hopefully, Jenny will have the tools she needs to make an educated decision and evaluation on her career choice…

In terms of quantity, the demand for health care services in the United States shows that society is willing to pay the minimum price in order to avail their services in the future. The demand of the physicians depends on several factors such as needs of the population, some of the economic constraints of the people such as their income level and prices they are facing, other technological constraints related to the feasibility of what the consumers demand, and last, the cultural considerations. The final demand of health care physicians depends on the interactions of demand and supply conditions prevailing in the market of services. According to the report, there will be less agreement on the future demand of the physicians in U.S. As for the past projections of demand and supply of the physicians in the market, there has been consistent shortages of the physicians which ultimately influenced the


References: AAMC. (2007). AAMC Statement on the Physician Workforce, June 2006.” AAMC. AAMC. (2014, JULY 16). Retrieved from https://www.aamc.org/data/workforce/359282/2013physician.html BARGAIN, J. (2010). The Impact of Health Care Reform on the Future Supply and Demand for Physicians Updated Projections Through 2025. CENTRE FOR WORKFORCE STUDIES. Hough, D. E. (2009). Size Matters: The Impact of Physician Practice Size on Productivity. Innovation and Research, Medical Group Management Association. MGMA. (2014, July 16). Medical group medical association. Retrieved from mgma.com: http://www.mgma.com/practice-resources/practice-solutions-topic-search?categoryid=642 NIH. (2014, July 16). U.S National Library of Medicine. Retrieved from nlm.nih.gov.in: http://www.nlm.nih.gov/hsrinfo/datasites.html
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