Why or why not be become a doctor Custom Essay

The following is a list of the specific required information, research, graphs, and math to be included in each answer regardless of scenario A below. Please include all elements:

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1. Demand Determinants:
a. Each individual determinant analyzed for your situation, with examples applicable to your situation (3 points each) and research (2 points each) showing current demand data or most recent past data, except for the expectations determinant in which you need to use data estimating future market conditions.
b. (10 points) Price Elasticity of Demand facing you in your scenario, including actual calculation of it using the midpoint formula. If you can’t find data, then determine the price elasticity from the characteristics and make up numbers to use. Be sure to identify this if you use this approach. This will help you in deciding the slope of your demand curve below.Why or why not be become a doctor Custom Essay
c. (10 points) Graph the demand facing your situation. Note that this requires information from the supply determinant analysis before deciding how to draw the curve(s), as you may need a separate MR curve.
2. Supply Determinants:
a. Each individual determinant analyzed for your situation, with examples applicable to your situation (3 points each) and research (2 points each) showing current supply data or most recent past data, except for the expectations determinant in which you need to use data estimating future market conditions.
i. (20 points) You need to be very specific in the cost of production determinant to identify fixed, variable, and marginal cost in order to derive your supply curve for the graphing component. You will need to explain and show how profit maximization or loss minimization output and price are determined. You will need to do the math using actual figures [cited] or your own estimated figures [identified as such] and explain why you expect short run economic or normal profits, acceptable loss or temporary shutdown, and how you will know which it is.
ii. The number of sellers determinant must contain your analysis of the kind of market structure in which your firm or labor service will be sold.
b. (10 points) Price Elasticity of Supply you have based on the cost of production changes as output changes, including actual calculation of it using the midpoint formula. If you can’t find data, then determine the price elasticity from the characteristics and make up numbers to use. Be sure to identify this if you use this approach. This will help you in deciding the slope of your supply curve.
c. (10 points) Graph your supply situation using the numbers from your earlier cost of production analysis.
3. Recommendations—(40 points) what are your recommendations explained by your analysis?
4. Paper presentation—(10 points) good format, citations, lack of spelling errors, etc.

Situation A

Jenny, your niece, is a smart high-school student who wants to make smart choices for her future. Hearing of your course in Business Economics, she has emailed you asking for advice on whether to become a medical doctor and on the best location to practice it. She recognizes the high costs of tuition and the years of study involved in becoming a doctor. She wants to evaluate if that career choice is an optimum decision for her. So she has asked you for advice.

Having read the introduction to Chapter 1 on page 3 of the textbook, you recognize the significance of such a career decision for Jenny. You decide to examine the career choice in terms of the utility it provides to Jenny: return on investment as well as personal satisfaction of contributing to the well-being of others. But to evaluate the utility, you also need to identify and quantify the total opportunity costs of the decision. You decide to educate yourself about the market for physicians in terms of supply and demand, elasticity, costs of production, pricing, and normal profit. You want to provide Jenny with the most informed advice possible.
Introduction from page 3 attached below:
Is the Private Doctor’s Office Going to Disappear?

Traditionally, most doctors in the United States have worked in private practices that they owned themselves or in partnership with other doctors. Like other businesspeople, a doctor hires workers—nurses, physician’s assistants, and receptionists—and buys or rents machinery and equipment. A doctor’s income represents the profits from his or her practice, or the difference between the revenue received from patients and their health insurance plans and the costs to the doctor of wages, rent, loans, and insurance.
Increasingly, rather than owning a private practice, many doctors have chosen to work as salaried employees of hospitals. Although in 2000 nearly 60 percent of doctors were in private practice, by 2013 fewer than 40 percent were. What explains the increasing number of doctors who are giving up their private practices to become salaried employees of hospitals? Some doctors choose private practice because they like being their own boss. Other doctors prefer the more regular hours of working for a hospital, where they are less likely to be woken up at 2 A.M. to treat a patient with a medical emergency. Economists believe, though, that the best explanation for doctors abandoning private practice is that the doctors are acting in response to changing economic incentives. In fact, one of the key ideas that we will explore in this book is that we can often predict behavior by assuming that people respond to economic incentives.

The economic incentives doctors face have changed in a number of ways. For example, soaring health care costs have led many private insurance companies, as well as the federal and state governments, to reduce the payments they make to doctors in return for treating patients. As a result, doctors in private practice have found their incomes fluctuating, which makes the steady income from a hospital salary more attractive. Congress passed President Barack Obama’s package of health care changes in 2010. One rule requires most doctors and hospitals to convert to electronic medical record keeping. Although this change may improve the quality of health care, the computer systems required are expensive. Doctors can avoid this cost by leaving private practice for hospital employment. Other new rules have increased the amount of paperwork doctors must complete to be paid for treating patients.

Microeconomic Paper as a Professional Report

Your paper should be organized into five parts as listed below.

1. Title Page—Name, course, and date
2. Introduction to situation, but do NOT copy the scenario. Briefly summarize the situation and identify the microeconomic issue(s) to be decided from the perspective of the organization.
3. Relevant Economic Principles: Determinants of Demand, Supply, etc. and Relevant Data
Identify the variables that are critical in addressing the issue(s). Gather and present the relevant data on the variables by searching the DeVry Online Library. Ask a librarian for help if needed. Use in-text citation to report the source(s) of the data. Graphs may be included here.
4. Recommendations and Economic Justification
Formulate and present your recommendations for addressing the issue(s) based on the relevant data and economic principles identified above. Justify your recommendations in terms of the economic impact on those affected.
5.References
List the full references for at least five sources alphabetically in APA format.

Data Sources can be used in the paper can be found from the list below:

1. DeVry Online Library:
• Data bases for related articles
• Data bases for industry reports; IBISWorld in particular.
• ProQuest Statistical Abstracts of U.S.: http://library.devry.edu/pdfs/STATISTICAL_ABSTRACTS__US.pdf

2. Industry Associations
• Association of American Medical Colleges: https://www.aamc.org/
• American Medical Association (AMA): http://www.ama-assn.org/ama
• Council on Graduate Medical Education (COGME): http://www.hrsa.gov/advisorycommittees/bhwadvisory/cogme/
• National Center for Health Statistics (NCHS): http://www.cdc.gov/nchs/
• Solar Energy Industries Association: http://www.seia.org/
• The Solar Foundation: http://www.thesolarfoundation.org/
• The National Restaurant Association: http://www.restaurant.org/
• NACS – The Association for Convenience & Fuel Retailing: http://www.nacsonline.com/Pages/default.aspx. Why or why not be become a doctor Custom Essay

3. Private Research Groups
• The Rand Corporation: http://www.rand.org/
• University of Michigan: http://css.snre.umich.edu/; http://www.sca.isr.umich.edu/
• The Conference Board: https://www.conference-board.org/data/bcicountry.cfm?cid=1
• OECD: http://www.oecd.org/eco/economicoutlook.htm
• IMF:

4. U.S. Government Websites:
• Statistical Abstracts of U.S.: https://catalog.data.gov/dataset/statistical-abstract-of-the-united-states
• International Trade Administration: http://www.trade.gov/
• National Renewable Energy Laboratory: http://www.nrel.gov/
• National Center for Health Statistics: http://www.cdc.gov/nchs/
• U.S. Department of Energy: http://www.energy.gov/
• U.S. Energy Information Administration: http://www.eia.gov/
• Bureau of Labor Statistics: http://www.bls.gov/
• Bureau of Economic Analysis: http://www.bea.gov/
• Lawrence Berkeley National Laboratory (Berkeley Lab): https://www.lbl.gov/
• U.S. Census Bureau: http://www.census.gov/; http://www.census.gov/econ/bes/; http://www.census.gov/economic-indicators/
• U.S. Department of Commerce: http://www.commerce.gov/; http://export.gov/; http://business.usa.gov/; http://www.esa.doc.gov/content/indicators
• Statistical Abstracts of U.S.: https://catalog.data.gov/dataset/statistical-abstract-of-the-united-states; https://catalog.data.gov/dataset?q=business+expense&sort=none&ext_location=&ext_bbox=&ext_prev_extent=-142.03125%2C8.754794702435617%2C-59.0625%2C61.77312286453146. Why or why not be become a doctor Custom Essay