ECON 1210 : Medical Implant Services - Surgical Implants an Inspection - Economics Assignment Help

Assignment Task :

Questions

Part A. Inspection vs experience good

In Canada, individuals may choose to undergo elective surgery to have devices surgically implanted, to address health issues or other concerns. In many cases consumers pay for these services (i.e. they are not covered by Medicare).

In 2018, the CBC reported on a number of surgically implanted products that have been malfunctioning in patients’ bodies (ex. replacement hips, breast implants, birth control devices) and causing severe side effects (intense pain, links to cancer, mental illness,

1. Assume the market for medical implant services is perfectly competitive (all required assumptions hold) and that these findings of malfunction were all new discoveries for both consumers and producers of these services. Using a supply and demand diagram, illustrate the old and new equilibrium price and quantity (before and after the information was released).

2. In reality, are surgical implants an inspection good or an experience good (according to James Galbraith)? Explain (define both).

3. Assume now that producers did know about the defects but misled consumers.  What assumption of the perfectly competitive market appears to be violated in this case? What type of problem does this cause?

4. How might government intervene to protect consumers of these products/services?

5. What impact would government intervention have on the profits of the suppliers of these services, assuming they are making an economic profit?
6. What unproductive steps might suppliers of these services take in response to maintain profits?

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