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Brenda has a downward-sloping demand curve for physician visits.
a. Explain and graphically show Brenda's optimal choice of physician visits assuming she has no health insurance and faces a market price of physician visits, PV.
b. Assume Brenda has an insurance policy with a 10 percent coinsurance rate and no deductible. Would Brenda's optimal number of visits increase or decrease? Show the welfare impact of health insurance coverage graphically.
c. How would an increase in the coinsurance rate to 20 percent change the magnitude of the welfare effect identified in part b?
Economists assume that firms seek to
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