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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
where PP is the out-of-pocket price an individual actually faces. Assume that this service 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.
Elucidate how much the last input added to the total amount of revenue. Elucidate how much the last input added to the total amount of production.
Brenda and Lela are sisters. They both like to make ice cream and cake. Brenda makes one batch of ice cream in eight hours and bakes a cake in two hours. Lela makes one batch of ice cream in 10 hours and bakes a cake in 5 hours. Who has the absolute ..
Students will example the model economists use to analyze the economy's short-run fluctuations--the model of aggregate demand and aggregate supply.
A new health minister proposes to distribute an apple a day for free to every citizen. To be effective the legislation states that the free apples may not be traded or sold. Explain why this “no trade” policy would be inefficient.
In April 2013, several employees of Javatech, Inc., a computer hardware developer with 250 employees, started organizing the Javatech Employees Union (JEU). When Javatech refused to voluntarily recognize the union, organizers petitioned the National ..
Identify at least two changes that may occur for Social Security and Medicare benefits in the next 20 years. Then, describe key policies that the U.S. government could implement in order to ensure positive changes for Social Security and Medicare ben..
A monopoly produces widgets at a marginal cost of $10 per unit and zero fixed costs. It faces an inverse demand function given by P=50 - Q. Suppose fixed costs rise to $400. What happens in the market?
CPM Construction plans to buy a truck for $150,000 and expects $100,00/year as an income. The company plans to sell it fro $15,000 at the end of Year 5. The annual operating cost of the vehicle is $60,000. What is the IRR of this investment?
Assume that a firm pays taxes on revenue and is allowed some deductions. Derive and explain the user cost of capital if the firm's nominal interest payments are tax deductible. Derive and explain the user cost of capital if the firm's real interest p..
Using the Community Health Care Roles and Functions Table, examine the health care professions and departments involved in public policy, outcomes, and social marketing aspects of the health care field.
Choco Dream is a firm that produces both dark chocolates as well as liquor chocolates. During a given? month, the firm uses its resources to produce both varieties.? Initially, the firm produced? 5,000 bars of dark chocolates and?4,000 bars of liquor..
How can you justify existence of government-granted monopolies for such public utilities as local telephone service, natural gas.
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