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Joe has a demand curve for medical care given by m=100-0.5pm.
a) Draw this demand curve, labeling the values of the y- and x-intercepts.
b) Show how his demand curve and values of the y- and x-intercepts change if he obtains health insurance with no deductible and a 20% coinsurance rate.
c) Suppose the market price of medical care is pm=$50. What is Joe's quantity demanded without insurance? What about with insurance?
d) Why might this increase in quantity demanded as a result of obtaining insurance actually decrease social welfare?
Economic forecasters predicted that consumption also GDP would increase because of higher refunds on income taxes.
A study sponsored by the American Medical Association suggests that the absolute value of the own price elasticity for surgical procedures is smaller than that for the own price elasticity for office visits. Explain why this would be expected
Suppose a closed economy which has suffered from a sub prime crisis. During such a crisis households and bankers often become more cautious.
Create a graph of that charts out the Federal Surpluses / Deficits and Real GDP in each year from 1965 to 2011. (Be careful with the Surplus / Deficit data, since there is an additional entry to account for a change in how the data ..
Suppose he chooses to drive 10 hours a day explain how many hours of leisure and how much consumption does this imply.
Suppose that a researcher, using wage data on 250 randomly selected male workers and 280 female workers, estimates the OLS regression Wage = 12.52+2.12× Male,R^2 = 0.06,SER = 4.2, (.23) (0.36) where Wage is measured in dollars per hour and Male is ..
A possible international monetary regime consists of a world central bank conducting monetary policy and issuing a single currency used throughout the world. Elucidate what would the advantages and disadvantages of such a system be.
Graph the q = 100 isoquant. Indicate the points on that isoquant de.ned in part a and part b. What is the RTS along this isoquant? Explain why the RTS is the same at every point on the isoquant. So i know that my labor for part A is 80, labor for ..
Illustrate what is the Laspeyres price index. Calculate ideal and Laspeyres indices.
Give a brief written evaluation of Kissick Corporation 's results from operations for the year and its financial position at the end of the year.
In the context of the IS-LM model, what is the effect of each of the following on equilibrium output and the real interest rate? Explain why these effects occur and show graphically.
A bank announces that it has changed its interest computation method to continuous compounding. Now $2000 left in the bank for 9 years will double to $4000. What is the nominal interest rate, compounded continuously, is the bank paying.
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