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Suppose consumers pay less than the true cost of medical services because a third party, such as an insurance company or the government, pays most of the bill. In the graph, D1 represents the demand for medical services if consumers paid the full price of medical services; D2 represents the demand for medical services when consumers pay only a fraction of the true cost of medical services; and S represents the supply of medical services. Use the graph to answer the following questions. Briefly explain your answers.
a. What is the equilibrium market price received by doctors and other suppliers of medical services?
b. What is the efficient quantity of medical services?
c. What is the price paid by consumers of medical services?
d. Which area represents the deadweight loss resulting from consumers not paying the full price of medical Services?
ome workers in the economy are paid a flat salary and some are paid by commission. Which of compensation scheme would require more monitoring by supervisors In which case do firms have an incentive to pay more than the equilibrium level
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What is the least-cost combination of labour and capital to employ in producing 80 units of output? Explain
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What is the least costly way for the firm to produce 80 units?
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