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Question: Suppose from your randomized experiment you observed two data points about demand for healthcare:
- An average number of outpatient care visit of 2.65 per year among individuals who are assigned to health insurance plan with 40% coinsurance rate. And,
- An average number of outpatient care visit of 1.45 per year among individuals who are assigned to the same health insurance plan with only difference of 80% coinsurance rate.
a) Is the data you observed provide evidence for downward sloping demand? Why?
b) Calculate price elasticity of demand
c) Is the demand elastic or inelastic? Explain.
Draw a budget constraint (BC1) for your family's monthly grocery decision. Label the axes clearly. What is the opportunity cost of a healthy meal?
Consider a price ceiling imposed on a monopoly that is set below competitive price. Make a diagram showing the monopoly equilibrium in this case.
In 2010, the money supply, M1, was $1,832 billion.Nominal GDP was $14,660 billion. What was the velocity of money measured using M1?
An rise in a firms expected growth rate would normally cause the firms required rate of return. which of the following statements is most correct.
How would you adjust your behavior in the long term? If you decide not to buy this product again, what will you buy instead?
What fraction of the total variation in the quantity demanded of good Y remains unexplained? What can the student do to increase the explanatory power of his demand equation? What other variables might he add to his demand equation?
Why is an increase in the number of varieties of a good regarded as a gain from trade? Can you think of economic disadvantages associated with greater product variety? Explain. Is the distinction between "intra-industry trade" and "inter industry t..
Assume that an iPad in the US is $500 while in Switzerland it costs 400 Swiss Francs. Suppose the nominal Swiss Franc/Dollar exchange rate is 1.1 Swiss Francs per Dollar.
Larry receives a scholarship to attend the local college. The scholarship terms provide $7,000 for tuition, books, and related expenses for the academic year
Using the basic Economic concepts answer the questions below. Explain based on the Economic concepts the reason why college students choose to study.
Describe the distinguishing features of various forms of regional economic integration, including their benefits and costs.
Given a series of cash flows as shown below, determine the value of Y using an interest rate of 7%. Tip: Find the value of Y that causes the Net Future Worth at year 20 to be = 0. 0 ($1000) 5($500) 10 (-$5000) 20(y)
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