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Suppose that the market demand for medical care is summarized by the demand function: Qd = 500 – 4p and the market supply is summarized by the inverse supply function: P = 25 (i.e., horizontal supply curve at price of 25).
a. Calculate the equilibrium quantity and price, assuming no health insurance is available.
b. Suppose that health insurance is made available that provides for a 20 percent coinsurance rate. Calculate the new equilibrium price and quantity. (Hint: How does the demand curve shift?)
c. Calculate the deadweight loss due to this insurance.
d. Graph your results.
Illustrate what are the advantages of using capital in the production process. What is meant by the term "division of labor".
Fassbender Widgets, Inc. has opened a new widget factory next to Lake Dunn. In the production of widgets, WWI dumps 5 thousand gallons of a pollutant, red dye #308, into the lake. The pollutant reduces the fish population and results in a loss to tho..
Leo supervises operations for a small manufacturing company. The company wants to expand, so upon Leo's recommendation, it purchased a new robotic assembly system for $200,000. Leo argued that he had made a good decision because it saved the company ..
q1. a monopoly with constant marginal costs of 50 can sell to three groups of potential consumers with demands q1 800
Economists have devoted a lot of effort to estimating the natural rate of unemployment in particular countries at particular times. Is this a useless academic exercise, or are there good reasons to want to know this number? Explain.
Illustrate what is the expected value of the future share price? b. Sharon buys a ticket in a small lottery.
What does it mean when we say that a firm enjoys increasing returns to scale? What are some factors that contribute to a firm achieving increasing returns to scale (or economics of scale) in the long run?
Andrew appoints Matthew to be his agent for a period of 2 years. After 6 months, Andrew meets with an accident after which he permanently losses his capacity to understand things going on around him. This terminates the contract automatically. But Ma..
Suppose that the equilibrium nominal exchange rate is 130 Japanese yen to the U.S. dollar. If the Federal Reserve wishes to maintain an exchange rate of 140 Japanese yen to the U.S. dollar, it must meet the private excess ________ dollars in the fore..
The short-run marginal cost curves of each of the 1000 firms in the fireworks are given by MC = 10+Q, where Q is measured in pounds of cherry bombs per year and MC is measured in dollars per pound of cherry bombs. How much better off would consumers ..
If average total cost of producing wheat is $8 and cost of wheat is $6, illustrate what would you advise farmer to do.
For each of the next 7 years, he received total dividends of $50 per year. For the remaining period, he received total dividends of $100 per year. What rate of return did he make on the investment?
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