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Think about the elasticity of demand and supply for life saving drugs abd where the MC of producing more is very low. Show the soically optimal price of these drugs. Where will a monopolistic drug company set prices?
What is one cited reason why healthcare expenditures are so high in the United States? Medicare and Medicaid reduce the supply of medical care.
Which policy will discourage economic growth?
Explain the costs associated with undertaking sensitivity analysis?
Suppose the demand functions facing the wireless telephone monopolist are QdL=80-50P for each low-demand consumer and QdH=2000-50P for each high-demand consumer, wherePis the per-minute price in dollars. The marginal cost is $0.10 per minute. Suppose..
Explain how having health insurance affects the length of time Arthur chooses to stay in hospital.
Economics is the study of how society manages its
The government sets a price floor of $5 in the above market. Is this price control binding? If so, is there a shortage or a surplus and what is its magnitude.
Assume the MTA’s production cost curve is given by C=1,200,000,000 + 3.5q where q denotes the number of subway trips. From past fare changes we know that a 20% drop in fares will increase the number of transit trips by 4%. Calculate the first-best tr..
You are responsible for recommending contracts to the city council. Your immediate supervisor has asked you to prepare a recommendation for a large contract for an individual you know is a good friend of your supervisor. What might you do if your sup..
show the new quantity demanded at that price as we did in class. Also, show that the new total revenue will be greater than then old total revenue.
Your grandmother is gifting you $100 a month for four years while you attend college to earn your bachelor's degree. At a 5.5 percent discount rate, what are these payments worth to you on the day you enter college?
Suppose Larry, More, and Curly are bidding in an auction for a mint-condition video of Charlie Chaplin's first movie. Each has in mind a maximum amount that he will bid.
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