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ECON 500 WMU Calculate the Incremental Cost And Incremental Benefit Excel Task

ECON 500 WMU Calculate the Incremental Cost And Incremental Benefit Excel Task

Question Description

I’m working on a economics question and need an explanation to help me understand better.

The following information has been gathered on the costs and effectiveness of the two treatments, A and B. In this problem, costs and consequences are not discounted.

Treatment A

Treatment B

Mortality rate

2%

5%

Life expectancy for survivors

20 years

10 years

Initial treatment cost

$10,000

$3,000

Follow up costs, year 1

$5,000

$1,000

Annual follow up costs, all subsequent years

$1,000

$500

Complete the following calculations and analysis:

  • What is the total cost for the survivors receiving treatment A? For decedents (assuming sudden death)?
  • What is the total cost for survivors receiving treatment B? For decedents?
  • What is the expected cost for those patients receiving treatment A?
  • What is the expected cost for those patients receiving treatment B?
  • Draw a simple decision tree showing the costs and consequences of each treatment option
  • Calculate the incremental cost and incremental benefit of the treatment alternatives.
  • What is the ICER?
  • Which treatment would you recommend be covered by your health plan and why?

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