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Question 7 please
Question: What are the differences between the investment and consumption models of health?  State the equa...

Show transcribed image text What are the differences between the investment and consumption models of health? State the equation for Grossman's Investment model of Health. Why the demand for medical care is called 'derived demand'? Can you predict whether the demand for medical care will increase or decrease with an increase in the average educational attainment in the community? Explain briefly. What are type I and type II errors in the context of FDA decisions about the acceptance of new drugs? Do you think there is a bias toward one type of error? Why might a drug company raise the price of its brand-name drug when it comes off patent?

What are the differences between the investment and consumption models of health? State the equation for Grossman's Investment model of Health. Why the demand for medical care is called 'derived demand'? Can you predict whether the demand for medical care will increase or decrease with an increase in the average educational attainment in the community? Explain briefly. What are type I and type II errors in the context of FDA decisions about the acceptance of new drugs? Do you think there is a bias toward one type of error? Why might a drug company raise the price of its brand-name drug when it comes off patent?