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1. Consider the budget set of an individual who consumes health care (HC) and all other goods (OG) . Set up the equation ?rst. Then draw the budget set, clearly mark the intercept with the axes, and also draw an optimal point into this budget set using an indi?erence curve. Now assume that the same individual purchases a health insurance contract with a 30% coinsurance rate at a premium p. Set up the equation of the individuals new budget constraint. Draw this constraint into the old graph, then re-optimize using the indi?erence curve (this is only a graphical analysis). Determine what happens in the new equilibrium. Does the individual buy more or less of OG. Does the individual buy more or less of HC. Explain why.
2. Repeat exercise one and assume the income is $50, 000. The price of a unit of health care is $225 and the price of a unit of OG is $340. The insurance premium is $5, 000 and the coinsurance rate is still 30%. Draw all graphs again and be precise with the budget constraints. You know that in equilibrium the individual buys 120 units of HC. Find the optimal point and draw the indi?erence curve. Then draw the new budget constraint with the insurance and re-optimize. The re-optimization is just graphical, you do not have to calculate anything for that.
Randy Smith us hired as a consultant to a firm producing ball bearings. This firm sells in two distinct markets, each of which is completely sealed off from the other. What price should managers charge in each market?
Compute the profit maximizing output produced by each firm. Compute the profits earned by each firm and the cartel.
Which of the following changes to fiscal stimulus package of 2009 for $862 billion (under the bill called American Recovery and Reinvestment Act of 2009) would have a larger overall impact on AD? Explain your answer with credible logic and analysi..
How does price elasticity of demand affect how much of a tax is passed on to the consumer and how much is absorbed by the seller. Show the effect with graphs.
The response conforms to appropriate requirements of the specific format,cover page included, with student name, student number, and tutorial time/room number clearly stated.
Write down a short memo to Ralph Sampson describing the analysis that the company should do before it makes this decision and any other considerations that would affect decision.
How much will each firm produce and what is the shut-down price for the firm - What is the largest quantity the firm can produce where the cost minimizing choice is to produce everything with production process 1?
The Arena Corporation, which sells engines, has a uniform value of $500, which is charges all its consumers. But, after its competitors begin to cut their rates in the California market to $400, Arena decrease its price to $400.
A printer's wage rate is $20, and the price of a printing press is $5,000. The last printer added 20 books to total output, while the last press added 1,000 books to total output.
Obtain the demand equation for natural gas and calculate the annual change in consumer surplus
Provides a background commentary on the cost structure and the level of competition experienced by your firm/industry. You must include demand and supply factors, fixed and variable factors/costs, price elasticity and the aims of the firm/industry..
The table given below are the demand and supply schedules for television sets in Venezuela, a small country that is unable to affect world prices.
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