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The state Medicaid agency has set a rate of $5.50 per visit for all Medicaid enrollees who visit a physician. Each physician also has private paying patients. The demand curve for each physician can be characterized as follows, and physicians can be regarded as individual monopolists.Out of pocket price Quantity of visits demanded$8 07 16 25 34 43 52 61 7Each physician also has a cost schedule that can be characterized as follows:Quantity of visits provided Total cost0 $51 72 113 174 255 356 47
a. If each physician is a profit maximizing provider, how many visits will he/she provide to public and private patients?
b. What will the number of visits provided be if the Medicaid Agency lowers its rate to $3 per visit, but the demand remains the same?
The marginal cost of operating a boat is $80,000 a month. Number of boats Value of cod caught (thousands of dollars per month) 0 0 10 2,000 20 3,400 30 4,200 40 4,400 50 4,000 60 3,000 70 1,400 a. What is the marginal private benefit of a fishing ..
If Burton was driving trucks for one of the competing trucking firms, he would earn $5,000 per month. Burton is proud of the fact that he is generating a net cash flow of $7,000 ($25,000 - $18,000) per month, since he would be earning only $5,000 ..
Linear equations for the consumption and saving schedules take the general form: C = a + bY and S = - a + (1 - b)Y where C, S, and Y are consumption, saving, and national income, respectively. The constant a represents the vertical intercept.
estimate the following cross-sectional model based on data for all 50 states (standard errors in parentheses): Ci^ = 100 - 9.0E+ 1.0i - 0.04T - 3.0V + 1.5R (3.0) (1.0) (0.04) (1.0) (0.5) t = -3.0 1.0 -1.0 -3.0 3.0 where Ci = number of cigarettes c..
Labor Supply a. Ann's utility can be represented by the function: U (C,L) = ln (C-10) + 3/5 ln(L). She has 16 hours/day to divide into work (H) and leisure (L). She has no unearned income. Derive the formula for her Marginal Rate of Substitution a..
1-Concisely explain the economic role of brokers, dealers, investment bankers and the role of the New York Stock Exchange specialist 2-If a bond dealer bought a $100,000 municipal bond at 92% of par and sold it at 96% of par
Lawson just purchased an income annuity for $323,335. The income annuity pays interest at a rate of 3.85 percent compounded monthly. The first income payment will be made today and the final income payment will be made in twenty years.
The cost to invest in either option is the same today. Both options will provide you with $20,000 of income. Option A pays five annual payments starting with $8,000 the first year followed by four annual payments of $3,000 each.
Is demand elastic in the $10 - $15 price range Ed = 0.8 in the $6 - $10 price range. In this range of demand, by what percentage would quantity demanded change if price changes by 10 percent Price falls from $6 to $3. Does total revenue (TR) incr..
A firm is operating in a competitive market. The firm has a cost function C(Y)=2Y^2+2 and marginal cost MC=4Y. If the price is $20. a) what will the maximum profit be b) If the inverse demand is given by P=30-Y, what quantity will the firm produce..
Suppose that an automobile race track is built several miles from a small town. After the construction is completed it is discovered that the heavy roar from the cars regularly disturbs the 2,500 local residents between the hours of 10:00 PM and 1..
How would you modify the model to capture this effect. How would you test the null hypothesis that the value of β2(effect of X2) is constant against the alternative hypothesis that the value of β2(effect of X2) increased when X1 increased.
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