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The services of a certified psychologist cost $110 per hour, and an extended health plan covers 50 percent of that cost. Under the plan, the clients covered used 625 hours of this service in a typical three-month period. To save money, the extended health plan reduced its coverage to 40 percent of the cost. As a result, the clients covered decrease their use of this service to 482 hours in a typical three-month period. a. Determine the total cost of giving this insured service to the plan before and after the change in coverage. b. Based on the data above, calculate the elasticity of demand for the services of a certified psychologist. Interpret the elasticity of demand, and explain the behaviour of the clients covered based upon this interpretation.
Electron Control, Inc., sells voltage regulators to other manufacturers, who then customize and distribute the products to quality assurance labs for their sensitive test equipment
what is the goal of firm
Imagine of these concepts (markets, elasticity, production, costs, market structures). Take one or two of those concepts and use it to examine and understand economic situations o
1. The price of a U. S. produced hammer is $5. The exchange rate with Malaysia is 3 Ringgit/1$. What is the current price of the hammer in Malaysia? (Assume no transportation cost.
Why do the inclusion of opportunity costs in cost-and-supply analyses help individuals make better decisions and improve outcomes?
Topic: Company Case Study and Industry Analysis Instruction: 1) choose a company; 2) recognize the market industry type; 3)
(i) Do the laws of economics still work today? (use the case discussed in class to answer this question or any other examples) (ii) Provide examples of three factors that can sh
BALANCE OF PAYMENTS The Balance of Payments of a country is a record of all financial transactions between residents of that country and residents of foreign countries. (Resi
Market Structures This refers to the nature and degree of competition within a particular market. Capitalist economies are characterised by a large range of different market
introduction, evaluation,principle, activities concept behind Gatt & wto
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