part B needed 1. Utility and Consumer SurplusA. Use the figure below to fill in the total utility and marginal utility of medicalcare in the table. In this example, is the marginal utility of health careincreasing or decreasing? What are some reasons why this might be thecase (briefly explain; approximate 3 sentences)?Health (H)Utility1615131034 Medical care (q)12Units of Medical Care01Total UtilityMarginal Utility234Briefly explain: Conceptually, does the marginal utility scheduled above reflect your owndemand for going to the dentist to get a check-up? B. The figure below shows the market of physician visit. Current market price foreach physician visit is $5.Price ($)98PMKT = $5Number of PhysicianVisits (Q)0 1 2 3 41) According to the figure, what is the optimal number of physician visits whichcan maximize consumer surplus?2) Calculate total consumer surplus when the number of physician visitsreaches the optimal amount.3) When market price rises from $5 to $6, how will the optimal number ofphysician visits and consumer surplus change?765

Consumer surplus is unlimited when the demand curve is zero and inelastic in the circumstance of a…

B. The figure below shows the market of physician visit. Current market price for each physician visit is $5. Price (S) 9 5 Pret = $5 Number of Physician Visits (Q) 0 1 2 3 1) According to the figure, what is the optimal number of physician visits which can maximize consumer surplus? 2) Calculate total consumer surplus when the number of physician visits reaches the optimal amount. 3) When market price rises from $5 to $6, how will the optimal number of physician visits and consumer surplus change? 00 7 65 6

B. The figure below shows the market of physician visit. Current market price for each physician visit is $5. Price (S) 9 5 Pret = $5 Number of Physician Visits (Q) 0 1 2 3 1) According to the figure, what is the optimal number of physician visits which can maximize consumer surplus? 2) Calculate total consumer surplus when the number of physician visits reaches the optimal amount. 3) When market price rises from $5 to $6, how will the optimal number of physician visits and consumer surplus change? 00 7 65 6

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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