Week 3: Discussion 2

Week 3: Discussion 2

Diversification of Economic Utility

Economics is a diverse field of study and its concepts are applicable in all the fields of life. For instance, healthcare in its own way could be seen as a utility where the consumer i.e. patient experiences an innate level of satisfaction on consumption. A relevant theory in this regard could be understood in the view of Gross Man's Model which explains the impact of different variable including education, income and age on the level of life expectancy of a person, and also on the resulting health care demand.

Grossman's Model and Prediction ...