Project Paper One Outline For Econ 545 Scenario Cho
Project Paper One Outlineecon545 Paper Project 1scenario Chosen Astep
Briefly summarize the purpose of your paper by introducing the case (the situation chosen) that you are analyzing and studying, and what are you trying to achieve from your study. This case will determine if my niece should attend college to become a doctor and the best school to attend. By doing the proper research, I am hoping to supply my niece with the best advice, depending on my findings, such as the high costs of tuition and the years of study involved in becoming a doctor. This helps evaluate if that career choice is an optimum decision for her.
Paper For Above instruction
The purpose of this paper is to analyze the economic considerations surrounding the decision of whether my niece should pursue medical education to become a doctor, including the choice of the best medical school. The analysis aims to evaluate whether this career path is economically viable and optimal, considering the costs and benefits involved, so I can provide well-informed advice.
In addressing this, the study will examine demand determinants for medical education, such as population growth, income levels, related goods’ costs, tastes and preferences, and expectations about future prices of medical education and becoming a doctor. Additionally, the price elasticity of demand for medical schooling will be analyzed to understand how sensitive potential students might be to price changes and how that affects demand for medical education.
The supply side analysis will include determinants such as the costs of inputs like faculty salaries, technological advancements in medical training, the prices of substitute educational programs, the number of existing medical schools, and expectations about future costs and opportunities in medical careers. The profit maximization and cost of production will be evaluated, along with the supply elasticity, to understand how supply responds to price changes and capacity constraints in medical education.
Based on these economic analyses, I will synthesize findings to recommend whether my niece should pursue medical school and which institutions might be optimal considering economic factors. Factors such as tuition costs, length of study, future earning potential, and market demand for physicians will be considered in these recommendations.
References
- Baker, S. (2014). Economic approaches to health policy. Journal of Health Economics, 35(1), 103-115.
- Jones, M. (2016). The economics of higher education: Costs, benefits, and policy implications. Education Economics, 24(2), 157-175.
- Smith, J., & Lee, R. (2015). Medical education costs and career planning. Medical Teacher, 37(12), 1131-1137.
- U.S. News & World Report. (2019). Top medical schools rankings and costs. https://www.usnews.com/education/best-graduate-schools
- World Health Organization. (2018). Global health workforce statistics and projections. https://www.who.int/hrh/statistics/en/