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ECON312N Principles of Economics Week 3 Discussion Concepts of Cost and Prices Under Different Market Structures

ECON312N Principles of Economics Week 3 Discussion Concepts of Cost and Prices Under Different Market Structures

ECON312N Principles of Economics

Week 3 Discussion

Concepts of Cost and Prices Under Different Market Structures

Required Resources

Read/review the following resources for this activity:

Textbook: Chapter 10, 11

Lesson

Minimum of 1 scholarly source (other than the article noted in the instructions)

Initial Post Instructions

For the initial post, address the following:

List and briefly explain the features of a Perfectly Competitive market structure. How do firms in a Perfectly Competitive market determine price and profit-maximizing output levels?

According to Papanicolas, Woskie, and Jha (2018), the main drivers of the cost of healthcare in the U.S are “labor and goods, including pharmaceuticals and devices, and administrative costs” (Conclusions and Relevance). If you were the Chief Financial Officer (CFO) of a large medical facility, what cost-cutting measures would you propose to address the excessive cost of operating the facility while maintaining quality of care?

Journal of American Medical Association (JAMA): Special Communication: Question: Why is health care spending in the United States so much greater than in other high-income countries?

Findings: In 2016, the United States spent nearly twice as much as 10 high-income countries on medical care and performed less well on many population health outcomes. Contrary to some explanations for high spending, social spending and health care utilization in the United States did not differ substantially from other high-income nations. Prices of labor and goods, including pharmaceuticals and devices, and administrative costs appeared to be the main drivers of the differences in spending.

Meaning: Efforts targeting utilization alone are unlikely to reduce the growth in health care spending in the United States; a more concerted effort to reduce prices and administrative costs is likely needed.

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