Texas A & M International University Economics Questionnaire

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Question Description

I’m working on a economics question and need guidance to help me learn.

1.There are three approaches of estimating QALYs. There is no right answer to this question. Simply state your preferences. Assume that a person does not have a leg but is perfectly healthy otherwise.

Use visual analogue scale. If it were you, how would you rank your health between 0 and 1 with 0 being dead and 1 being in perfect health. Your q=?

2.There are three approaches of estimating QALYs. There is no right answer to this question. Simply state your preferences. Assume that a person does not have a leg but is perfectly healthy otherwise.

Use time trade-off approach. Pretend that you have 15 years of life left without a leg. How many years of perfect life would be equivalent to 15 years without leg. Years in perfect health =? Calculate q.

3.There are three approaches of estimating QALYs. There is no right answer to this question. Simply state your preferences. Assume that a person does not have a leg but is perfectly healthy otherwise.

Use standard gamble approach. You have a choice between 17 years of life without a leg with certainty or you can choose a medical procedure that gives “p” probability of living a normal health and (1-p) probability of dying. What probability would make you indifferent between these two options? p=?

4.Use willingness to pay approach to calculate value of human life. Probability of a child dying in a car accident is 2 per 100,000 children. Using child car seat reduces probability of dying by 45%. If a car seat costs $120, what is the value of life?

5.You are trying to evaluate cost-benefit analysis of mask wearing during the pandemic. Identify as many indirect & direct costs and benefits of mask wearing as you can.

6. You got sick with a flu and you have two approaches of treatment: 1) buy a chicken soup and ibuprofen that would cost $20 for a 7-day supply; flu lasts 7 days and your quality (utility) weight is .55; 2) take Tamiflu that costs $175 for a 7-day supply; flu lasts 7 days and quality (utility) weight is .6. Calculate incremental cost-effectiveness ratio of the 2nd strategy relative to the 1st.

7. Assume that health-related quality of life over 5 years for diabetic women and treated women represented in the following table. How much would society be willing to pay for the treatment assuming threshold for cost per QALY of $75,000. You can also assume zero discount rate and probability of survival 1 for all these years. (Hint: calculate gain in QALYs first). Show your work.

Year

Diabetic Women

Treated Women

1

0.65

0.8

2

0.60

0.8

3

0.55

0.75

4

0.50

0.70

5

0.45

0.70

8.The following table provides the total social costs and total social benefits from a federal policy to remove dangerous chemicals from our drinking water supplies. What level of removal would you recommend? WHY? Show your work. (Hint: MB=MC)

Level of removal

Total Costs

Total Benefits

0%

$0

$0

10%

16

86

20%

37

157

30%

59

219

40%

91

282

50%

124

336

60%

167

384

70%

211

428

80%

260

465

90%

315

485

100%

375

500

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