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If the tort system were deemed a method of social insurance rather than one of deterrence of uneconomical accidents, would awards in tort cases be on average higher or lower than under the deterrence rationale?
If demand for medical care is perfectly inelastic, hospitals and physicians are able to charge any price (up to some maximum) without losing any patients. Explain your answer using the model in Dranove & Satterthwaite (1992, 2000).
How could you use the concepts of marginal cost and marginal revenue to maximize profit? What information do you need to determine this? Without this information, how would you make a decision?
Suppose that the demand curve for cigarettes is given by Qd = 50 ? P and the supply curve is given by Qs = P. The government wants to raise $300 in revenues by taxing the cigarette market. Calculate the amount of the excise tax required to accomplish..
Many countries have value added taxes-taxes that are paid by producers, but are intended to fall on consumers. (They are basically just an indirect way of imposing sales taxes.) Compare this situation to the argument over carbon tariffs. Why might de..
What is the difference in profit maximization between the perfect competitor and all other types of firms? Economic profit is the difference between a firm's total revenue and its
What effects would each of the following have on aggregate demand or aggregate supply? In each case use a diagram in your notes to determine the expected effects on the equilibrium price level (P) and level of real output (Q). For each of the economi..
Conclude how fixed and variable costs should be adjusted to maximize profit and identify methods to reduce costs.
What is adverse selection? How do these two concepts relate to the market for insurance and healthcare?
Using a demand/supply diagram, illustrate and explain the effects of the imposition of an export tax on a good Y by a home country’s government on (i) the home country’s consumers of Y, (ii) the home country’s producers of Y, and (iii) the home gover..
Which of the following justifies the reason why a firm might prefer licensing to FDI?
The cost functions of a competitive firm are: TC = 40 + 2.5Q2. The marginal cost function is MC = 5Q. There are currently 200 identical firms in the industry. The demand function is P = 16000/Q. Find the market equilibrium price and quantity. Explain..
Elucidate why it is often claimed that hospitals compete for doctors rather than patients. What are some of the implications of this phenomenon.
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