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ps1 - Economics 330T Fall 2009 Problem Set 1 DUE WEDNESDAY...

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Economics 330T: Fall 2009 Helen Schneider Problem Set 1 DUE: WEDNESDAY, SEPTEMBER 16 NAME: _________________________________ I. Medical Care Costs 1. The CPI for hospital care (as one example) measures the cost of a two-person “hospital room and board” charge as an important part of the CPI hospital index. The cost of a day in the hospital has increased from $200 in 1970 to $1400 in 2000. The CPI was 38.8 in 1970 and 172.2 in 2000 and the Medical CPI was 34.0 in 1970 and 260.8 in 2000. (a) From the data given, can we conclude that the price of a day in the hospital has increased dramatically in 30 years? (b) Does the difference in the change in the general CPI compared to the change in the Medical CPI clearly indicate that there has been more inflation in the medical industry than overall in the economy? (c) In his weekly radio address June 6, the President claimed "skyrocketing costs" were making it impossible for families to afford health care. Secretary of Health and Human Services Kathleen Sebelius was right on message, warning a women’s group about the same "skyrocketing costs." Senators Edward Kennedy and Max Baucus,
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