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An important distinction in health insurance is between the list price (PL) and out-of- pocket price (PP) of a medical good or service. The list price is the official price that the provider charges the insurance company, while the out-of-pocket price is the price that the insurance customer faces. Sometimes, the out-of-pocket price depends on the list price. Suppose that the demand for medical services is as follows: Qd=80−2PP wherePPistheout-of-pocketpriceanindividualactuallyfaces. Assumethatthisservice has a list price of list price of PL = $20. Draw the demand curve and show the amount of medical services that will be demanded with no insurance. Compare that to the amount of services that would be consumed if the individual was fully insured. Is the amount of services consumed under full insurance efficient? Explain why or why not.
a change in environmental regulation has dramatically raised the price of a substitute chemical that indirectly competes with T3MP. This change undermines the market for the substitute, which is about twice the size of the market for T3MP.
Recently, when the cost of oil was ~$100/barrel the US made a significant investment in the form of tax breaks and subsidies to producers of ethanol to assist in the development of production of ethanol from biomass, including corn. Discuss the susta..
Suppose that the government dislikes producers of widgets and wants to punish them, but wants to avoid punishing consumers of widgets. It decides therefore to make widget sellers pay $5 in tax for every widget sold. Will this tax punish widget seller..
What happens to the money supply, interest rates, investment spending and GDP. Describe the impact of rational self-interest on each.
Jenny is starting a bakery and needs some help with pricing the muffins. Since she knows you have studied pricing, please help her to determine the following. The muffins cost $0.35 to produce. She would like to sell them for $1.20. What is the mark-..
What is the change in checkable deposits?
Jim’s utility function is U(x, y) = xy. Jerry’s utility function is U(x, y) = 1, 000xy + 2, 000. Tammy’s utility function is U(x, y) = xy(1 − xy). Oral’s utility function is U(x, y) = −1/(10+ 2xy). Who has the same preferences as Jim? Who has the sam..
The allocation of promotional dollars between ‘pull’ (consumer promotions + media advertising) and ‘push’ varies drastically for many advertisers across countries. What are the factors behind these variations?
Assume there are two players in an oligopoly, playing repeated Cournot competition (that is, they compete on quantity). The demand in each year is p= A-by. Each player has discount rate r. Find strategies that lead to a sub-game perfect equilibrium w..
Consider a Ricardian model with two goods, cheese C and wine W. The unit labor input requirements are: aLC = 3, aLW = 2, aLC* = 2 , aLW* = 1 (an asterisk denotes a foreign variable). Draw and label the world relative supply curve.
Jennifer has $10 to spend on tomatoes and cheese. The price of a pound of tomatoes is S2 and the price of a pound of cheese is $4. She has found her utility-maximizing bundle at 2 pounds of tomatoes and 1.5 pounds of cheese. Jennifer is considering a..
Describe your educational goals and share personal information as directed by your instructor and to the extent that you are comfortable.
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