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Starting with the estimated demand function for Chevrolets, assume that the average value of the independent variables changes to N=225 million, I=$12,000. PF=$10,000, PG=100 cents, A=$250,000, and PI=0 (i.e., the incentives are phased out)
(a) Find the equation of the new demand curve for Chevrolets.
(b) Plot this new D'C, and on the same graph, plot the demand curve for Chevrolets, DC
(c) What is the relationship between DC and D'C? What explains this relationship?
Life insurance companies require applicants to submit to a physical examination as proof of insurability prior to issuing standard life insurance policies.
Problem - Income Elasticity of Demand, Interpret the following Income Elasticities of Demand (YED) values for the following and state if the good is normal or inferior; YED= +0.5 and YED= -2.5
For each of the following events, state whether the aggregate demand curve would increase, decrease, or stay the same.
What are primarily intended to address the problem of insuring people who do not have health insurance? Would a public national health insurance system reduce total spending on health care in our economy?
Suppose that in response to learning that some sick individuals were denied health insurance, the government mandates that insurance companies must offer insurance to everyone at unregulated rates.
Using the dynamic augmented Phillip's Curve model (Y/PC/MR), demonstrate the effects of the Following changes. Show both the short-run and long-run effects.
A study sponsored by the American Medical Association suggests that the absolute value of the own price elasticity for surgical procedures is smaller than that for the own price elasticity for office visits. Explain why this would be expected
Discuss the use of Gross Domestic Policy (GDP) to measure the business cycle. Discuss the roles of government bodies which determine national fiscal policies.
Explain what happens to the position of the nation's short-run Phillips Curve if the following events occur:
Find out the equilibrium market price. Find out the profits of the leader and the follower
What can you say about the relationship between marginal revenue and marginal cost for output rates below the profit-maximizing (or loss-minimizing) rate? For output rates above the profit- maximizing (or loss-minimizing) rate?
What happens to the equilibrium price and quantity in each market? Which product experiences a larger change in quantity? Which product experiences a larger change in price?
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