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Problem
I. An outpatient clinic charges $50 for every patient visit and averages 500 visits per day. If the clinic raises the price-per-visit to $75, the clinic will average 450 visits per day. What would the price elasticity of demand for this clinic be? Is this elastic or inelastic?
II. Currently, an individual has an insurance plan where the copay for a general clinic visit is $30 and the individual averages 5 visits per year. However, if the copay increases to $36, the individual will average 4 visits per year. What would the price elasticity of demand for this individual be? Is this elastic or inelastic? Get the instant assignment help.
III. In a few sentences, using the elasticity of demand, briefly explain why it is important that copays exist but that they not be set too high.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
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Problem based on Oligopoly and demand curve, Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?
Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
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Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
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Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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