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Suppose the marginal social cost of providing health care to a person is given by the equation 20+4Q. An individual's marginal benefit of health care is 300-Q. This individual has an insurance policy that stipulates that the person will pay 25% coinsurance OOP. That is, the recipient of the care will pay 25% of the MSC.
a. Solve for the optimal level of consumption and price of health care for this society.
b. Solve for the private market equilibrium level of health care. What is the social cost for the last unit at this level? (May not be round numbers.)
c. Calculate the deadweight loss.
d. What are the total OOP costs for this individual?
How many bits are required to describe such a 3-coloring? (2 points correct answer, 1 point short explanation) Give coding and decoding algorithms that given the 3-coloring, outputs a string of the length above that codes it, and given the code, o..
Elucidate the three Federal Reserve tools used to undertake a tight monetary policy.
Kim deposits her annual bonus into a saving account that pays 8% interest compounded annually. The size of her bonus increases by $2,000 each year, and the initial bonus amount is $5,000. Determine how much will be in the account immediately after th..
Compute the point price elasticity of demand for bearing grease. Compute the optional price for bearing grease if marginal cost is $4.50 per unit.
If airline supplied Q1, what would be consumer's gain or loss? producer's gain or loss? Change in total social welfare? Illustrate with a graph.
Consider a simple economy with only Robinson Crusoe, coconuts and leisure. He has utility U (c,l) = c^(1/2)*l and a production function C=L^(1/2), where c is the amount of coconuts he consumes, l is the amount of leisure he consumes, and L is the ..
Can you think of something that may have caused AD to be reduced in recent history? Perhaps a weather event or a natural event?
State the rule for optimum input allocation to produce a given level of output at the lowest possible cost -when two inputs are variable.
i) Explain how this arrangement help to deal with the problem of moral hazard? ii) Explain how this arrangement help to deal with the problem of adverse selection?
Answer the following questions: As you know, the US government has been running budget deficits for several years now. In your opinion, and based on economic reasoning, what will happen to the US economy if the US Federal Government continues to r..
How can unforeseen circumstances effect the economy? Give examples. How does the Fed react to these circumstances? Did you get re-appointed? Why or why not?
1. the supply curve s1 and the demand curve d indicate initial conditions in the market for gasoline. a .60-per-gallon
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