A Cancer Center Wants to Determine the Cost-Effectiveness Ratio of Treating

question 10

Essay

A cancer center wants to determine the cost-effectiveness ratio of treating patients with colon cancer detected early by routine colonoscopy screening versus colon cancer detected at a later stage through other nonroutine diagnostic tests. The center estimated that the total cost of treating colon cancer detected by the routine screening procedure was $50,000 and the average longevity of these patients after treatment was 18 years. The total cost of treating colon cancer detected by other tests was $30,000 and the average longevity of these patients was 3 years. Provide the treatment cost-effectiveness ratio of each treatment.

Recognize the importance of quick and effective complaint resolution to minimize negative consumer feedback.

Understand the significance of personal interaction and relationship-building in customer retention and positive word-of-mouth.

Learn about the objectives and benefits of customer relationship management programs.

Identify different consumer concerns and risks when making purchase decisions.

---

Definitions:

Foreign-Currency Exchange

The process by which individuals and entities convert currency from one country's currency into another, understanding the dynamic exchange rates between currencies.

Fed

The Federal Reserve System, which is the central bank of the United States, responsible for monetary policy and financial oversight.

Money Supply

The total amount of monetary assets available in an economy at a specific time, including cash and deposits.

Aggregate-Demand Curve

A graphical representation showing the relationship between the total quantity of goods and services demanded across all levels of an economy and the overall price level.