Economics Week 4 Assignment #1 (All Questions Answered) | A+ work | Guaranteed - 23319

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Complete and submit the following exercises from the course text.

    •       Chapter 10:  Page 244-245, Exercise #8

            •           Chapter 11:  Pages 262-263, Exercise #8

            •           Chapter 12:  Pages 287-288, Exercise #12

 

Ch-10

8.

How will each of the following affect the supply for insurance:

a. a larger pool of insured persons

b. lower administration costs for insurance companies

c. higher premiums (with no change in risk experience)

d. a greater degree of risk aversion on the part of insurers

Ch-11

8.

The following is a labor supply function:

Wage per hour                     Quantity of Nurse Supplied

$2                                                        1

4                                                          2

6                                                          3

8                                                          4

10                                                        5

12                                                        6

Nurses are used by the clinic to provide clinic visits. Each visit brings in $2 in revenue for the clinic. The relationship between nursing units and clinic visits is as follows:

Quantity of Nurses              Total Clinic Visits

1                                                          5

2                                                          9

3                                                          12

4                                                          14

5                                                          15

The provider is assumed to maximize profits. Determine the provider’s equilibrium wage and how many nursing units it will hire. The provider is a monopsonist, which means it is the sole purchaser of labor in the market.

Ch-12

12.

Given the following MV information, what is the optimal allocation of care according to the Paretean criteria, when the marginal cost of care is constant at $100.

Person A                                                                   Person B

Quantity of care consumedMV                  Quantity of care consumedMV

1                                                                                  $2001                         $150

2                                                                                  180 2                          120

3                                                                                  162 3                          92

4                                                                                   146 4                         66

5                                                                                  134 5                         42

6                                                                                  122 6                         20

7                                                                                  112 7                         0

8                                                                                  104 8                         0

9                                                                                     98 9                         0

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