This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Which of the following would cause the equilibrium price of apple juice to decrease and the ... (Read 45 times)

haleyc112

  • Hero Member
  • *****
  • Posts: 600
on: Jun 29, 2018
Which of the following would cause the equilibrium price of apple juice to decrease and the equilibrium quantity of apple juice to increase?
 
  A) a decrease in the price of apples
  B) an increase in the price of orange juice, a substitute for apple juice
  C) an increase in the price of apples
  D) a decrease in the price of granola bars, a complement for apple juice

Question 2

Refer to Figure 7-6. Answer the following questions:
 
  1. What would be the equilibrium price and quantity if consumers had to pay the full price of medical services?
  2. With insurance acting as a third-party payer, what price will consumers pay for medical service?
  3. With insurance acting as a third-party payer, what price will doctors receive for medical service?
  4. With insurance acting as a third-party payer, what will be the equilibrium quantity of medical services?
  5. With insurance acting as a third-party payer, what will be the value of the deadweight loss?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

juiceman1987

  • Sr. Member
  • ****
  • Posts: 316
Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

1. 50; 400
2. 25
3. 70
4. 600
5. 4,500


haleyc112

  • Member
  • Posts: 600
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

xoxo123

  • Member
  • Posts: 335
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates's recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Did you know?

The first war in which wide-scale use of anesthetics occurred was the Civil War, and 80% of all wounds were in the extremities.

Did you know?

In 1835 it was discovered that a disease of silkworms known as muscardine could be transferred from one silkworm to another, and was caused by a fungus.

Did you know?

Stevens-Johnson syndrome and Toxic Epidermal Necrolysis syndrome are life-threatening reactions that can result in death. Complications include permanent blindness, dry-eye syndrome, lung damage, photophobia, asthma, chronic obstructive pulmonary disease, permanent loss of nail beds, scarring of mucous membranes, arthritis, and chronic fatigue syndrome. Many patients' pores scar shut, causing them to retain heat.

Did you know?

The average person is easily confused by the terms pharmaceutics and pharmacology, thinking they are one and the same. Whereas pharmaceutics is the science of preparing and dispensing drugs (otherwise known as the science of pharmacy), pharmacology is the study of medications.

Water potentials decrease (become more negative) as one moves from soil to plant to atmosphere Water potentials decrease (become more negative) as one moves from soil to plant to atmosphere
Rhytidoplasty. This is a common form of plastic surgery in which the skin is pulled and sutured to d Rhytidoplasty. This is a common form of plastic surgery in which the skin is pulled and sutured to d
Apple Newton Apple Newton
What is the value of the equilibrium constant, K, at 25°C for the reaction? What is the value of the equilibrium constant, K, at 25°C for the reaction?
Write equilibrium constant expressions for the following reactions in terms of concentration: Write equilibrium constant expressions for the following reactions in terms of concentration:
Write equilibrium constant expressions for the following reactions in terms of concentration: Write equilibrium constant expressions for the following reactions in terms of concentration:
Video: Burn Animation

For a complete list of videos, visit our video library