Economic Tools Concepts Paper Write a 1 050 1 400 word paper economic tools concepts evaluate a current issue situation exists todays health care industry Some examples economic tools concepts supply demand curves marginal analysis elasticity

Length:  4 pages (1818 words) | Sources:  4  | Subject:  Economics | Type: Essay | Paper: #11240207 | Author:  

Note: Essay below may appear distorted but all corresponding word document files will contain proper formatting

Excerpt from Essay:



Competition

Competition in the laboratory marketplace does increase when an existing laboratory chooses to specialize in a certain area, or when an existing laboratory diversifies with new technologies, methodologies, or improves its current service in a significant way (Anna 2005). Currently in the laboratory marketplace, competition of this type is seen in the form of clinicians who are hiring pathologists to be their employees and read their pathology specimens. These clinicians, largely gastrointestinal physicians, will send the specimens they obtain to an established laboratory for technical processing, (Daron 2008) and then they will have the slides sent back to their hired pathologist for final diagnosis. This practice has the effect of cutting the laboratory's revenues from the specimen in half, while providing the clinician with a means to realize a profit from the processing of the specimens that he or she obtains (Eddy 2007).

Supply and Demand Analysis

Supply and demand analysis is a very important tool to have in a business especially in the medical laboratory industry. Supply and demand analysis sets the price of a product. This also establishes your equilibrium. Supply and demand analyses describe, explain, and predict changes in the price and quantity of goods sold in a competitive market (Daron 2006). In the Laboratory industry you need to know how prices will affect the demand and supply of a service you may be providing and compare to other competitor in that you may be competed against. This analysis is use to determine the price elasticity of demand and of supply (Anna 2005).

Future

In future years, theaffect of new organizations incoming the laboratory marketplace will likely not be significant. As laboratories operate in an oligopolic market structure, the barriers to entry in the laboratory marketplace are significant at present time, and will continue to be significant in the future as long as government regulations continue to exist (Eddy 2007). Government agencies are constantly watching the laboratory industry and establishing laws to regulate the activities of the laboratories. These barriers to entry will protect current laboratories from significant competition in future years (Daron 2008). Laboratories will…[continue]



Cite this Essay

APA Citation

"Economic Tools Concepts Paper Write A 1 050 1 400 Word Paper Economic Tools Concepts Evaluate A Current Issue Situation Exists Todays Health Care Industry Some Examples Economic Tools Concepts Supply Demand Curves Marginal Analysis Elasticity" (2011, April 08) Retrieved October 24, 2014, from http://www.paperdue.com/essay/economic-tools-concepts-paper-write-a-1-50397

MLA Citation

"Economic Tools Concepts Paper Write A 1 050 1 400 Word Paper Economic Tools Concepts Evaluate A Current Issue Situation Exists Todays Health Care Industry Some Examples Economic Tools Concepts Supply Demand Curves Marginal Analysis Elasticity" 08 April 2011. Web.24 October. 2014. <http://www.paperdue.com/essay/economic-tools-concepts-paper-write-a-1-50397>

CHICAGO Citation

"Economic Tools Concepts Paper Write A 1 050 1 400 Word Paper Economic Tools Concepts Evaluate A Current Issue Situation Exists Todays Health Care Industry Some Examples Economic Tools Concepts Supply Demand Curves Marginal Analysis Elasticity", 08 April 2011, Accessed.24 October. 2014, http://www.paperdue.com/essay/economic-tools-concepts-paper-write-a-1-50397