Question 1.(1) Briefly outline the trend in take-up of private health insurance in Australia over the last few decades (Please use a line or graph assist with explannation for this trend, it cannot be replaced for word counts).

Question 1.(1) Briefly outline the trend in take-up of private health insurance in Australia over the last few decades (Please use a line or graph assist with explannation for this trend, it cannot be replaced for word counts).

(2) What are the likely factors that contribute to the growth? Evaluate the following statement from an economic perspective, (3) “Private health insurance- the preserve of the rich- why on earth should they receive a subsidy?” (410 words, 10 marks)
*Here I attributed growth of the introduction of lifetime health cover which penalises individual for taking up private health insurance after the age of 30. And also the Medicare Levy and government rebate. As far as justifying the subsidy fiscal externality, equity, market elasticity in PHI, welfare cost.

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Question 2(415words,10marks)

Evaluate the following statement from an economic perspective, “Health care and asparagus- two different markets but the same economic tools of analysis and similar key questions apply.” What differentiates health care from other markets? * Here I looked at asymmetric knowledge, moral hazards, supplier induced demands, adverse selections, uncertainties, externalities and the degree of the government intervention, social policy.

(APA reference)(in text cite please indicate the page (author, year, page number). The same as reference list.
If it comes from a journal please inidcate its doi, if without doi please provide the original URL.

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