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Economic Analysis in Health Care by Morris, Devlin and Parkin © 2007 John Wiley & Sons Ltd One IVF course = £2,700 What is the opportunity cost? 1 heart bypass operation 150 vaccinations for Measles, Mumps and Rubella 2000 school dinners One-third of a cochlear implant 11 cataract removals Half a junior school teaching assistant for a year One-thousandth of a Challenger 2 military tank
Economic Analysis in Health Care by Morris, Devlin and Parkin © 2007 John Wiley & Sons Ltd Production function Outputs (Goods or services) Inputs (Resources) Mediating factors
Economic Analysis in Health Care by Morris, Devlin and Parkin © 2007 John Wiley & Sons Ltd The demand for and supply of liposuction Number of procedures per month Price Supply Utilisation: observed met demands Unobserved unmet wants P Q Demand
Economic Analysis in Health Care by Morris, Devlin and Parkin © 2007 John Wiley & Sons Ltd The demand for and supply of health care in the NHS Supply Observed unmet demands Number of procedures per month Demand Q Price Utilisation: observed met demands
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