...Nonlapan Burimsittichai Ungkana Lukkanavej Econ545: Project 1 – Microeconomic Analysis January, 26, 2015 Introduction In the previous years we have been experiencing a shortage on the supply of physicians, issue that according to the projections will not be changing any time soon. Given this situation we could probably already answer the question and risk to say that it is a good idea economy-wise to become a doctor, seeing that at least for the next 10 years the supply will not be anywhere close to satisfy the demand. There’s many factors that affect this increase in demand such as aging of population, the Baby Boomers that want to remain active and look for and use more healthcare as well as the next generations after them. It is also important to mention that an increase on productivity of healthcare could reduce the gap between demand of supply, but after many years and different attempts almost nothing has been achieved, since healthcare has become more and more complex. Here is a little extract from AAMC website talking about the issue of physicians shortage of supply: The number of federally funded residency training positions was capped by Congress in 1997 by the Balanced Budget Act. The 26,000 residency positions available for first year trainees will not be enough to provide training for the students graduating from medical school as early as 2016. In addition, Medicare support of graduate medical education (GME) includes paying its share of the costs...
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...ECON545: Project 1—Microeconomic Analysis Intro From a Microeconomic Analysis perspective this paper is designed to outline the current demand and supply associated with physicians in today’s economy and prospective future demand. Based on a microanalysis approach we will look at the current supply and demand for physicians, cost of production determinant, price elasticity of demand and the gains or losses from picking this profession. Demand Determinants Currently there are 691, 400 Physicians employed through the United States; however by 2022 the demand for the profession will increase by over 18% (numbers will vary based on origin of information) (Howard, 2013) (Occupational, n.d.) Current factors for the future demand of physicians include demographics and population needs. Aging and population growth are projected to account for 81% of the change in demand between 2010 and 2020. In the future the population will age and the number of people suffering from chronic diseases will increase. This will cause a demand for primary services (Projecting, 2013). A major part of the future demand of physicians is attributed to the Affordable Care Act, which will expand the number of citizens covered by insurance. The increase will also be attributed to the increase in preventative services and primary care these individuals will be able to receive. Technological and medical advances will also affect demand due to improving survival from illnesses and chronic diseases...
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...Project 1 – Microeconomic Analysis Donald Cole ECON545 – Business Economics Date: September 18, 2014 Situation C The situation that I personally thought would correspond with today economy would be situation C. Situation C basically states that Edgar has a business idea of buying two gas stations for profit situations. Edgar is asking for advice on buying these two gas stations before taking action on his business idea. Hopefully, by the end of this documentation, I would give Edgar enough information to decide on what to accomplish on his business idea. My research is going to consist of the demand and supply of gasoline. It’s going to consist of the comparison between the prices in the different countries and possible states. I will also have graphs to show all the different factors that would help Edgar situation on his business idea. The first situation that I see is that you’re buying two gas stations that don’t have a start of plan like a name for the gas station. You also don’t have a general location to put the two gas stations. Do you even know what type of gasoline are you planning on selling to the customers? Those are some things that need to go into a detail plan before you just jump right out in the midst of buying a gas station. Let’s start with the basic information of a particular name for the company. Some of the popular gas stations that is used in the United States are BP, Citgo, Chevron, Marathon, Phillips 66, and more (Gas Stations...
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...ECON545 Project 1 Microeconomics Analysis Demand In 2013, about 134.51 billion gallons1 (or 3.20 billion barrels) of gasoline were consumed2 in the United States, a daily average of about 368.51 million gallons (or 8.77 million barrels). This was about 6% less than the record high of about 142.35 billion gallons (or 3.39 billion barrels) consumed in 2007. 1There are 42 U.S. gallons in a barrel. The world’s demand for oil increased sharply for several years, peaking at 86 million barrels per day in 2007. However, the global economic slowdown in recent years reversed this trend and demand fell for two consecutive years to just 85 million barrels per day in 2009, or 1 million barrels per day less than at its peak before rebounding in 2010. The Energy Information Administration expects growth to accelerate over the next two years reaching 88.8 million barrels per day in 2012 and nearly 89.7 million barrels per day in 2013. The EIA projects consumption in the Organization for Economic Cooperation and Development (OECD) countries to be nearly flat in 2012 and 2013. Growth is concentrated in the non-OECD countries, including China, Brazil, and the Middle East with world gains of about 0.8 million barrels per day expected in 2012 and another 0.9 million barrels per day in 2013. Price Elasticity of Demand for Gasoline A meta-analysis by Molly Espey, published in Energy Journal. Espey examined 101 different studies and found that in the short-run (defined as 1 year or less)...
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...Nonlapan Burimsittichai Ungkana Lukkanavej Econ545: Project 1 – Microeconomic Analysis January, 26, 2015 Introduction In the previous years we have been experiencing a shortage on the supply of physicians, issue that according to the projections will not be changing any time soon. Given this situation we could probably already answer the question and risk to say that it is a good idea economy-wise to become a doctor, seeing that at least for the next 10 years the supply will not be anywhere close to satisfy the demand. There’s many factors that affect this increase in demand such as aging of population, the Baby Boomers that want to remain active and look for and use more healthcare as well as the next generations after them. It is also important to mention that an increase on productivity of healthcare could reduce the gap between demand of supply, but after many years and different attempts almost nothing has been achieved, since healthcare has become more and more complex. Here is a little extract from AAMC website talking about the issue of physicians shortage of supply: The number of federally funded residency training positions was capped by Congress in 1997 by the Balanced Budget Act. The 26,000 residency positions available for first year trainees will not be enough to provide training for the students graduating from medical school as early as 2016. In addition, Medicare support of graduate medical education (GME) includes paying its share of the costs of training...
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...FNU,AQEEL UR REHMAN Business Economics-ECON545 Professor: Jhon Hinric hs 20 January 2015 Introduction My dear cousin Aly, who often switches from one business venture to the next, is now seeking to invest in two gas stations and has asked me for my educational perspective. His rationale for this business venture is that American consumers have officially accepted the insanely high gasoline prices and what he doesn’t earn in gas sales, he will compensate with convenience item sales. Willing to do anything to assist my family and also not quite sure if it is a smart investment, I told Aly I would do my research and relay my findings. In order to effectively help ALy, there are certain relevant economic principles that must be assessed and determined. The issues to be addressed when starting a business, such as a gas station, are: demand determinants, supply determinants, costs of production, pricing, and normal or economic profit or loss. Demand Determinants Before any business can begin, regardless of the type of business, the potential business owners and investors must first determine if the demand for the products and/or services the business is providing is high or low. As gas consumers, certain factors are assessed in determining their reactivity to gas prices. Gas consumers must ask themselves: What factors would make them more or less susceptible to price changes in the gasoline industry? Has he/sheresponded differently to price changes in gasoline...
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...Touseef Raza Khowaja Business Economics-ECON545 Professor: Jhon Hinric hs 23 January 2015 Introduction My dear cousin Aly, who often switches from one business venture to the next, is now seeking to invest in two gas stations and has asked me for my educational perspective. His rationale for this business venture is that American consumers have officially accepted the insanely high gasoline prices and what he doesn’t earn in gas sales, he will compensate with convenience item sales. Willing to do anything to assist my family and also not quite sure if it is a smart investment, I told Aly I would do my research and relay my findings. In order to effectively help ALy, there are certain relevant economic principles that must be assessed and determined. The issues to be addressed when starting a business, such as a gas station, are: demand determinants, supply determinants, costs of production, pricing, and normal or economic profit or loss. Demand Determinants Before any business can begin, regardless of the type of business, the potential business owners and investors must first determine if the demand for the products and/or services the business is providing is high or low. As gas consumers, certain factors are assessed in determining their reactivity to gas prices. Gas consumers must ask themselves: What factors would make them more or less susceptible to price changes in the gasoline industry? Has he/sheresponded differently to price changes in gasoline during certain...
Words: 3783 - Pages: 16
