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Scans of internal organs using magnetic resonance imaging

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Reference no: EM13373815

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: EM13373815

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