This topic contains a solution. Click here to go to the answer

Author Question: Which of the following would cause the equilibrium price of apple juice to decrease and the ... (Read 72 times)

haleyc112

  • Hero Member
  • *****
  • Posts: 600
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
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
Excellent


tuate

  • Member
  • Posts: 332
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

Did you know?

Most strokes are caused when blood clots move to a blood vessel in the brain and block blood flow to that area. Thrombolytic therapy can be used to dissolve the clot quickly. If given within 3 hours of the first stroke symptoms, this therapy can help limit stroke damage and disability.

Did you know?

More than nineteen million Americans carry the factor V gene that causes blood clots, pulmonary embolism, and heart disease.

Did you know?

Pope Sylvester II tried to introduce Arabic numbers into Europe between the years 999 and 1003, but their use did not catch on for a few more centuries, and Roman numerals continued to be the primary number system.

Did you know?

Illicit drug use costs the United States approximately $181 billion every year.

For a complete list of videos, visit our video library