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Suppose that the price elasticity for hip replacement surgeries is 0.2. Further suppose that hip replacement surgeries are originally not covered by health insurance and that at a price of $50,000 each, 10,000 such surgeries are demanded each year.(Hint: Do not bother to calculate the percentage changes using the midpoint formula. If insurance covers 50 percent of the bill, just assume that the price paid by consumers falls 50 percent.) ____________ % What if insurance covered 90 percent of the price? % b. Suppose that with insurance companies covering 90 percent of the price, the increase in demand leads to a jump in the price per hip surgery from $50,000 to $100,000. How much will each insured patient now pay for a hip replacement surgery? $ Compared to the original situation, where hip replacements cost $50,000 each but people had no insurance to help subsidize the cost, will the quantity demanded increase or decrease? Decrease Increase By how much? One way restriction messageclose windowYou may not interact with questions in this series after you have submitted them.
Throughout the problem set, we assumed that net taxes do not depend on income (that is, net taxes are a lump sum). However, in reality, taxes do vary with income. Suppose Bodinia and Goldland are two economies that are exactly the same in every as..
Over the next three years, a firm is expected to earn economic profits of $120,000 in the first year, $140,000 in the second year, and $100,000 in the third year. After the end of the third year, the firm will go out of business.
To save money, they can put up with some marks and stains. The frugal students are only willing to pay a premium of $8 for a new book instead of a used book. The remaining 300 students are fastidious about their textbooks.
Suppose a firm's inverse demand curve is given by P=120 - .5Q, and its cost equation is C = 420 + 60 Q + Q^2. a)Find the firm's optimal quantity, price, and profit (1) by using the profit and marginal profit equations and (2) by setting MR equal to..
Assume the following about Mushroom Kingdom: there are 16869 gold coins in circulation, nominal GDP is 86722 gold coins, the Central Bank of Mushroom Kingdom increases the number of gold coins in circulation by 2.4% each year, and GDP increases by..
Suppose the company in charge of the maintenance of the bridge successfully negotiates a 20% increase in its annual fee. The State of New York hires you to advise them how to cover this cost. Would you advise them to raise the toll you computed in..
Suppose there is an increase in supply (rightward shift in supply). Consider two graphs. In Graph [X], demand is relatively inelastic. In Graph [Y], demand is relatively elastic. Which of the following is true?Suppose Bill gets a pay raise of 12%, ..
Assume that Milk is perfectly elastically. If there is a $.20 tax on milk, who will bear the burden of the tax Assume producers have the legal incidence. Graphically depict and describe. Shade the loss in consumer's surplus. and deadweight loss.
Estimating equation through a correcting factor to correct heteroskedasticity may cause extra correlation to enter the model, which increase the R^2.
Analyze the current status on foreign exchange rate, producer price index including descriptions of current status and graphs with APA guidelines.
the worker doing the mathematical operation by hand in 32 seconds, and with the computer application, the operation is doing in 16 seconds with a 50 % of improvement. (theoretic - experimental)/theoretical *100% is the used formula for the 50%
Two firms can control emissions at the following marginal costs: MC1 = 200q1, MC2 = 100q2, where q1 and q2 are the amount of emissions reduced by the first and second firm. Assume with no control each firm would emit 20 units or a total of 40 unit..
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