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Suppose that the price elasticity for hip replacement surgeries is 0.2. Further suppose that hip replacement surgeries are originally not covered by health insurance and that at a price of $50,000 each, 10,000 such surgeries are demanded each year.(Hint: Do not bother to calculate the percentage changes using the midpoint formula. If insurance covers 50 percent of the bill, just assume that the price paid by consumers falls 50 percent.) ____________ % What if insurance covered 90 percent of the price? % b. Suppose that with insurance companies covering 90 percent of the price, the increase in demand leads to a jump in the price per hip surgery from $50,000 to $100,000. How much will each insured patient now pay for a hip replacement surgery? $ Compared to the original situation, where hip replacements cost $50,000 each but people had no insurance to help subsidize the cost, will the quantity demanded increase or decrease? Decrease Increase By how much? One way restriction messageclose windowYou may not interact with questions in this series after you have submitted them.
P = 800 - 0.16 If the goal of the transit authority was to maximize total revenues, what is the new price it should set Also, what would the total revenue raised in this new price scheme
Consider an exchange economy with two goods, 1 and 2, and two consumers, A and B. The consumers are initially endowed with a total of unit of each good, i.e. w1 = w1A + w1B = 1 and w2 = w1B + w2B = 1. Their preferences are represented by UA(x1, x2..
.What are the equlibrium quantities (q1, q2 %u2026 ,q10)?. A-q1, q2 %u2026 ,q10 = 2B-q1, q2, %u2026 ,q9= 2 q10=1/2c-q1, q2, %u2026 ,q9= 3/2 q10=1/2d-q1, q2, %u2026 ,q9, q10= 3/2e- q1, q2, %u2026 ,q9= 3/4 q10=1/2f-q1, q2, %u2026 ,q9= 3 q10=1/2g-non..
Suppose an economy's real GDP is $50,000 in year 1 and $55,000 in year 2. What is the growth rate of its GDP Assume that population was 100 in year 1 and 105 in year 2. What is the growth rate in GDP per capita
Write down the firms problem in the long-run. Note the price for capital and labor are respectively, r and w. (Normalize the price of output to be 1 so that w and r are in real terms). (b) Does this production function depict constant return to sca..
ABC Corporation's recently issued bonds paying interest semiannually and maturing in 10 years. The face value of each bond is $1000, and 6.8% is the nominal interest rate. (a) What is the effective interest rate an investor receives.
Suppose that a firm sells in a competitive market at a fixed price of $42.50 per unit. The firm's cost function is: C = 150 + 5Q. Determine the minimum quantity at which the can break even. Are there multiple break even points
Holiday Fruit Company buys oranges and processes them into gift fruit baskets and fresh juice. The company grades the fruit it buys on a scale from 1 (lowest quality) to 5(highest quality). The following table summarizes Holiday 's current invento..
The Mineola Corporation hires a consultant to estimate the relationship between its profit and it output. The consultant reports that the relationship is f = -10 - 6Q + 5.5Q2 - 2Q3 + 0.25Q4 a. The consultant says that the firm should set Q equal..
a. How much of each good will he demand b. A tax is placed on x so that x now costs Max $2 while his income and the price of y stay the same. How much of good x does he now demand. Would Max be as well off as he was before the tax.
A-1 Box Company is planning to lease a computer system that will cost (with service) $15000 in year 1, $16500 in year 2, and amounts increasing by 10% each year thereafter. Assume the lease payments must be made at the beginning of the year.
Suppose the hourly wage is $10 and the price of each unit of capital is $25. The price of output is constant at $50 per unit. The production function is F(L,K)=L^1/2*K^1/2 If the current capital stock is fixed at 1,600 units, how much labor should..
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