(Answered) Assume that patients have revealed their group demands for

Economics

Assume that patients have revealed their group demands for hospital emergency room service, as follows:

Q= 20,000 - 50P (Patients demand) where Q is the number of emergency room patients per year at the local hospital and P is the price of emergency roomservice.

The marginal cost of emergency room service is MC= $50.

A. Determine the socially optimal amount of publicly-supported emergency room service

B. Assume the emergency room service has been privatised so that a monopolist service provider starts to serve the community, determine the profit-maximising quantity and price.

C. To prevent the abuse of monopoly power, a regulatory authority intervene the market by regulating the industry.Determine the optimal regulated price and quantity.

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M92191174
Price:- $15

Verified Expert

Priced at $30 Now at $15, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Business Economics

A sample of 184 randomly selected students found that the

A sample of 184 randomly selected students, found that the proportion of students planning to travel home for Thanksgiving is 0.69. What is the standard deviation of the sampling deviation?

Suppose the cross-price elasticity of demand between goods

Suppose the cross-price elasticity of demand between goods X and Y is -4. How much would the price of good Y have to change in order to change the consumption of good X by 10 percent?

When comparing monopolization to monopolistic competition

When comparing monopolization to monopolistic competition in the wireless telecommunications world, what are some good differences to touch on in a short paper?

Given two eventsnbspgnbspandnbsph the probabilities of

Given two events G and H , the probabilities of each occurring are as follows: P( G ) = 0.22; P( H ) = 0.34; P( H AND G ) = 0.09. Using this information: Find the complement of P ( H AND G ). Round to 2 places.

Consider the following cournot oligopolythere are two

Consider the following Cournot oligopoly: There are two identical firms in the industry, which set their quantities produced simultaneously. The two firms face a market demand curve, Q = 120 - P, in which Q = q1 + q2. Ea ...

What are the assumptions of linear regression analysis and

What are the assumptions of linear regression analysis and, How do we interpret the regression coefficients ,can u give a real life example of how linear regression is used in statistical research

The current value of a company is 25 million if the value

"The current value of a company is $25 million. If the value of the company six year ago was $10 million, what is the company's mean annual growth rate over the past six years?" Please explain how the answer was reached ...

Doctoral assistant ships of phd students 50 have paid

Doctoral assistant ships of Ph.D students 50% have paid assistant ships. a random sample of n=200 students is chosen.. based on this sample and using the properties of the binomial distribution, what is the approximate s ...

How would you explain the concept of a quality adjusted

How would you explain the concept of a quality adjusted life year? When is it appropriate to use "QALYs" instead of simply improved life expectancy as the outcome measure in an economic evaluation?

What is the fraction defective if material hardness is

What is the fraction defective if material hardness is normally distributed with a mean of 42 and a standard deviation of 1 and the specification limits for hardness are from 35 to 45? What value for the process mean wil ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert