How much will be demanded after the new copayment

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Health Care Economics

Bittergrass Radiology Labs has a fixed amount of radiology equipment. The laboratory can hire any number of radiology technicians per hour to produce radiographs, which are displayed below. The relationship between the number of technicians hired per hour and the number of radiographs produced per hour is shown in the following table. Show the total and marginal products and indicate at each level of production whether the production function exhibits increasing, constant, or diminishing marginal productivity. Please fill in the blanks of the following table. Get professional assignment help from qualified experts—on time, every time.

Determine how each of the following scenario would change the demand curve for chiropractic visits and explain why:

Yoga practice becomes popular and therefore a decrease in back problems among the population
Insurance coverage extends to chiropractic visits and such results in a decrease in the out-of-pocket price of chiropractic visits
The out-of-pocket price of back surgery (a substitute for chiropractic services) gets higher
The price of radiographs (a complement of chiropractic services) increases
An advertising campaign that makes people more aware of the benefits of chiropractic care
An increase in the screen time after Pandemic

Currently, there is a $1.00 copayment on drugs. The HMO has decided to raise this to
$1.50 per prescription. The cost of a prescription is $6.00, which means the HMO's contribution to the total cost will fall from $5.00 to $4.00. Currently, the price elasticity of demand is about -1.5 for prescriptions, and the HMO members use 4.5 prescriptions per capita. How much will be demanded after the new copayment is put into effect, and how much money will this save the HMO?

The Winter Health Clinic rents a small office in Chicago. Winter pays the building owner a rent of $8,000 a month, which includes all utilities. It has signed a 5-year lease. Winter hires a general practice physician at $200 an hour, a nurse at $100 an hour, and a technician at $50 an hour. Winter assumes that each patient uses $25 in supplies. In September, the clinic was open for 500 hours, during which all personnel were available at all times to staff the clinic. During that time, 250 patients were seen. What were Winter's total fixed and total variable costs for the month?

Reference no: EM133955123

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