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Suppose that the market demand for medical care is summarized by the following function: P=400-2Q And the market supply is summarized by the following function: P=50+3Q
A) Calculate the equilibrium price, assuming no health insurance is available.
B) Calculate the equilibrium quantity, assuming no health insurance is available.
C) Suppose that health insurance is made available with no deductible and a 25% coinsurance rate. Calculate the new equilibrium price.
D) Suppose that health insurance is made available with no deductible and a 25% coinsurance rate. Calculate the new equilibrium quantity.
Which good is likely to have more elastic demand: soda or new cars? Explain your answer, also assume that all brands of each good experience a price change.
The price elasticity of demand for personal computers is estimated to be -2.2. If the price of personal computers declines by 20 percent, what will be the expected percentage increase in the quantity of computers sold?
Consider the Golden Rule level of capital. Suppose a country found out that they are overcapitalized, that is their current steady-state capital stock per worker is greater than the Golden Rule level. What does that imply for their level of MPK relat..
Two firm’s identical production costs, how do they maximize profits, how does this change if price discrimination is feasible or if the two firms have different costs of productions?
Illustrate what does a contraction Gap imply about the actual rate of unemployment relative to the natural rate
Suppose government purchases amount is $3.5 trillion, transfer payments amount is $0.5 trillion, net interest payments are $0.25 trillion and tax revenue is valued at $2 trillion. Calculate the amount of the government deficit; Calculate the primary ..
What happens with no diminishing returns? Consider a Solow model where the production function no longer exhibits diminishing returns to capital accumulation. Draw the Solow diagram in this case. What happens to the growth rate of per capita GDP over..
El Paso Water Utilities (EPWU) purchases surface water for treatment and distribution to EPWU customers from El Paso County Water Improvement District during the irrigation season. A new contract between the two entities resulted in a reduction in fu..
Explain why might Industries in industries with high fixed costs be inclined to prevent strikes or end strikes quickly.
Although firm expects the order to be of 6 units, determine the minimum average cost of the firm with these different order sizes.
they added five workers, and productivity also increased by 50,000 pages per day. Copiers cost about twice as much as workers. Would you recommend they hire another employee or buy another copier?
Construct a PPF for a country that produces food and video games and faces increasing opportunity costs. Show how the PPF changes given the following events.
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