Figure 5-4 Figure 5-4 represents the supply and demand for medical services with and without a third-party payer.
-Refer to Figure 5-4.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?

Question

Figure 5-4  Figure 5-4 represents the supply and demand for medical services with and without a third-party payer.
-Refer to Figure 5-4.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?

Quizplus · Accepted Answer

The Answer of Figure 5-4  Figure 5-4 represents the supply and demand for medical services with and without a third-party payer.
-Refer to Figure 5-4.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?

Figure 5-4 Figure 5-4 Represents the Supply and Demand