Assignment: Economic Analysis of Supply and Market Structure of Healthcare Industry
You just started working as a Health Service Manager for a health care company within an industry below. First choose an industry below to discuss the questions that follow:
1. Pharmaceutical (generic drugs)
2. Pharmaceutical (patented drug)
3. Any physician specialty (e.g. cardiology, ophthalmology, etc.)
4. Hospital (national Network)
5. Small rural hospital
Your boss has asked you to write a memo detailing the factors impacting the supply of your product or services and how the market structure of your impacts the quantity supplied and the pricing of your product or service.
Answer the first four questions (and Q6) below relying primarily on the course readings and other resource material presented in this class. You can use external UMUC library resources to research Q5 below in order to research government regulations impacting your industry. Cite and refer all resources used whether internal or external.
1. Describe the product or service you supply to your patients.
2. Identify the market structure of your industry and the analyze the key characteristics of your industry that lead to your identification of this market structure.
3. Given this market structure, evaluate how prices charged for your services/products are determined.
4. Evaluate how does the existence of private and public insurance influence the revenues you receive for this service/product.
5. Given the government regulations impacting the health industry that have been discussed in this class, identify and discuss a government regulation that has been implemented in this industry.
6. Identify a market failure(s) discussed in class that the government regulation attempted to address.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.