How many mri tests are now demanded

Assignment Help Microeconomics
Reference no: EM13123444

Scans of internal organs using magnetic resonance imaging (MRI). These devices are often covered by subsidized health insurance programs such as Medicare. Consider the following table illustrating hypothetical quantities of individual MRI testing procedures demanded and supplied at various prices. Answer the following 3 questions

Price

Quantity Demanded

Quantity Supplied

$100

100,000

40,000

$300

90,000

60,000

$500

80,000

80,000

$700

70,000

100,000

$900

60,000

120,000

  1. In the absence of a government-subsidized health plan, what is the equilibrium price and quantity of MRI tests?
  2. Suppose that the government establishes a health plan guaranteeing that all qualified participants can purchase MRI tests at an effective price to the individual of $100 per test.  How many MRI tests are now demanded?  Is the result in the market a surplus or shortage?

Reference no: EM13123444

Questions Cloud

Explain important information about mixture : Important information about Mixture, A tank contains 1320L of pure water.A solution that contains .o1kg of sugar per liter enters a tank at the rate 3L/min
Probability-employee has worked at store for over ten years : Standard deviation of 1.8 years, and the distribution is approximately normal. if an employee is picked at random, what is the probability that the employee has worked at the store for over 10 years?
Company having ethical executives : How do you know if the company you are investing in has ethical executives? And how do you know that those executives will continue to act in an ethical manner when "times get tough"?
Prepare the journal entries for the restructuring : Provide your manager a comparison of the current reporting for debt,explaining the requirements for each type (bond, mortgage, capital lease, andothers). Then, prepare the journal entries for the restructuring.
How many mri tests are now demanded : Health plan guaranteeing that all qualified participants can purchase MRI tests at an effective price to the individual of $100 per test.  How many MRI tests are now demanded?  Is the result in the market a surplus or shortage?
Illustrate what is elephant inc taxable income : Illustrate what is Elephant, Inc.’s taxable income for 2012? Which of the following is required to adjust Elephant, Inc.’s deferred tax asset to its correct balance at December 31, 2012? The ending balance in Elephant, Inc’s deferred tax liability at..
Biologists stocked a lake with 400 fish : Biologists stocked a lake with 400 fish and estimated the carrying capacity (the maximal population for the fish of that species in that lake) to be 7000
Information about parabolas : State the key features (vertex, focus, directrix, direction of opening, and axis of symmetry) of each parabola, and sketch the graph.
How many grams of the excess reactant remain : 4NH3 + 5O2 yields 4NO + 6H2O Given 1.50g of NH3 reacts with 2.75g of O2 which is the limiting reactant?

Reviews

Write a Review

Microeconomics Questions & Answers

  Marginal product of capital and product

Manger wants to lower the costs of production, the manager should use an equal number of workers and machines

  Determining price of beans

Assume the price of beans rises from $1.00 a pound to $2.00 a pound, quantity demanded falls from 10 units to 6 units. In this example, the demand for beans is said to be ______

  Determine ethical issue is at stake

Cubby Company entered into a lease contract for ten photocopy machines for its corporate headquarters. The lease contract qualifies as an operating lease in all terms except there is a bargain buy option.

  Concept for regulating depository financial institutions

The free market is the best regulator of business." Explain why United States public has not accepted this idea for regulating depository financial institutions.

  Comparative advantage for mexico

During the debate over NAFTA, opponents argue that given the relative size of the two economies, the income gains resulting from the agreement would be smaller for the United States than for Mexico.

  Find profit maximizing order quantity

A television station is planning the sale of promotional dvds. It can have dvds manufactured by one of two suppliers. Supplier A will charge the station a set up fees of $1200 plus $2 for each dvds;

  Pricing of goods in the real world

Jeans and alligator or animal shirts: The plain pocket jeans and the Lacoste knockoffs often cost 40% less than brand-name items, yet the knockoffs are essentially identical to the brand-name items.

  Standard deviation of return

The expected returns earned from investment in the stock of two companies, Company A and Company B, are shown in the following table. Use the table to complete parts (a) through (e) below.

  Determining aftertax cash flows

Cost of capital is 12%. Its expects aftertax cash flows (including the tax shield from depreciation) for the next 5 years are:

  Question about project management

Discuss in general the appropriate metrics that one may require to track. Also explain how investing in IT with an eyes towards the replacement or automation of another project or issue or task may work.

  Computing price-income and advertising elasticity

A firm has estimated the following demand function for its product:

  Determine macroeconomic policy

Kenya is a state that is a part of the African Nation. Talk about the exchange rates and their money supply. Also write about whether or not Kenya has a promising future.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd