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Assume that the cost elasticity for hip replacement surgeries is 0.3. Additionally assume that hip replacement surgeries are originally not covered by health insurance as well as that at a cost of $50,000 each, 10,000 such surgeries are demanded every year.
Assume that health insurance begins to cover hip replacement surgeries that everyone interested in getting a hip replacement has health insurance. As if insurance covers 70% of the cost of the surgery, by what percentage would you expect the quantity demanded of hip replacements to increase? Calculate the percentages consider changes using the midpoint formula. If insurance covers 70.00% of the bills just assume that the cost paid by consumers falls 70%.
Why do proponents of active policy recommend government intervention to close an expansionary gap. Some economists argue that only unanticipated increases in the money.
The US government could not pass its annual budget. As a result, the US government has partially shut-down: roughly about 800000 federal employees of non-essential services are out of work
The equilibrium quantity increase or decrease depends on Demand
Illustrate the way in which market forces shape the organizational responses using a range of examples.
The university is seeking a grant to cover capital costs. How big of a grant would make this project worthwhile (to the university).
If you were a manager in a tobacco company, analyze the elasticity of demand for tobacco products. Evaluate the factors involved in making decisions about pricing tobacco.
Suppose the entire civilian labor force is 20,000 people and the number of unemployed is 2,000 people.
The electric power industry is held up in the article as an example of a natural monopoly. Brainstorm other examples that can be readily identified in the present market economy.
If Frank's salary as a sales manager was $70,000 instead of $100,000 would your answer be different.
Distinguish between the resources market and the product market in the circular flow model.
Assume that the industry wants to expand and has to make some long-term capital budgeting decisions. Now the industry is confronted with government regulations to oversee the merger.
there is an incumbent monopoly in a market. A potential entrant may enter. Draw the game tree describing the situation?
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