Reference no: EM131442605
Review the case study of Changing Consumer Information and answer the following questions:
Part I : A) What evidence can you find that report cards have improved quality?
B) By what mechanisms could report cards improved reported market outcomes?
Part II : A) Does the scaricity of scientific evidence on the effectiveness of report cards matter?
B) Could publication of performance data be advantageous to hospitals or physicians?
C) How do report card address information asymmetries? Would reducing information asymmetries gurantee better markets?
D) Does it matter wheather report cards are produced by government or private organizations?
E) Why are a few patients switches influence market outcomes?
Part III : A) Why are many consumers apt to be rationally ignorant about their options?
B) Why would insurance coverage tend to increase rational ignorance?
C) A proposal has been advanced to limit advertising of pharmaceutical prices to prevent unfair pricing by national chains. You estimate that limits on price advertising will change the price elasticity of demand from -5.63 to -4.43. The marginal cost of a typical prescription is $40. A typical small pharmacy fills 25 prescription per day. A typical consumer fills 20 prescriptions per year. What economic effects will the limit have on consumers and on pharmacists? Which group is likely to be the more effective advocate for its position?
The information of above case study is enclosed below.
Attachment:- Changing consumer information.rar
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