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(a) Using a supply-and-demand graph and assuming competitive markets, show and describe the effect on equilibrium price and quantity of the following:

i. A technological change that reduces the cost of producing X-rays on the market for physician clinic services.
ii. Increased graduation of new doctors on the market for physician services.
iii. Increased awareness of healthy diet in the population on the market for hospital services.
iv. A price ceiling on the market for pharmaceutical drugs.

(b) Suppose that patient makes Q0 physician visits each year at a price of P0. If the price elasticity's is -0.3, what will happen to the number of visits, if the price rises by 10 percent? What will happen to physician expenditures? Why?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M939269

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