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- Suppose that income causes health in the following specific manner: h = 2.25y and that health aids income as follows: y = 6 + 3h Based on this information, answer the following: a. Graph the two functions on the (y, h) graph and show the equilibrium (y on the x axis and h on the y axis). b. Derive the equilibrium pair (y*, h*) and show on the graph above. 7 c Now suppose that access to health is segmented by income in this country so that: h= 2 + .25y for all y 50 Derive the new equilibrium and redraw the graphs again in the (y, h) space and depict the old and new equilibria.Please explain how three forms of EMH can be explained by this graph respectively, and why?Attempts 9. Exercise 3.9 The Sydney Transportation Company operates an urban bus system in New South Wales, Australia. Economic analysis performed by the firm indicates that two major factors influence the demand for its services: fare levels and downtown parking rates. Table 1 presents information available from 2005 operations. Forecasts of future fares and hourly parking rates are presented in Table 2. Table 1 Average Daily Transit Riders Average Downtown Round-Trip Fare Parking Rate Year 2006 2007 Average / 1 (2005) 5,000 (Dollars) 1.00 1.25 (Dollars) 1.00 Table 2 Round-Trip Fare Average Parking Rates (Dollars) 2.50 2.50 (Dollars) 1.50 Sydney's economists supplied the following information so that the firm can estimate ridership. Based on past experience, the coefficient of cross elasticity between bus ridership and downtown parking rates is estimated at 0.2, given a fare of $1.00 per round trip. This is not expected to change for a fare increase to $1.25. The price elasticity of…
- 741 Ny 7:0 Mond Content X + ultra/courses/_99030_1/cl/outline manipic cempo me manipic accompis. INIU Force Completion. This test can be saved and resumed later. BILLETTE Your answers are saved automatically. * Question Completion Status: QUESTION 1 The goal of the consumer is to maximize the total utility or satisfaction derived from their purchase choices, given the unique budget constraint. To calculate total utility of a given combination of T-shirts and movies, one would use the following approach: O a. For a given combination of T-shirts and movies, survey a group of individuals to determine an average for utils to be assigned to the number of T-shirts and movies. O b. For a given combination of T-shirts and movies, use Google to identify the number of utils associated with the number of T-shirts and movies and thenlum them. O c. For a given combination of T-shirts and movies, assign a number of utils to that combination. O d. Use utils as a measure of utility, assigning a…9. Consider how health insurance affects the quantity of health care services performed. Suppose that the typical medical procedure has a cost of $100, yet a person with health insurance pays only $20 out-of-pocket when she chooses to have an additional procedure performed. Her insurance company pays the remaining $80. (The insurance company will recoup the $80 through higher premiums for everybody, but the share paid by this individual is small.) a. Draw the demand curve in the market for medical care. (In your diagram, the horizontal axis should represent the number of medical procedures.) Show the quantity of procedures demanded if each procedure has a price of $100. On your diagram, show the quantity of procedures demanded if consumers pay only $20 per procedure. If the cost of each procedure to society is truly $100, and if individuals have health insurance as just described, will the number of procedures performed maximize total surplus? Explain. c. Economists often blame the…What framework can be used to help study consumer involvement and deeper motivations of using certain product or service? Give an example of this framework in analyzing customer involvement in using smart phones
- Recent research by economists David Cutler, Edward Glaeser, and Jesse Shapiro on Americans' increasing obesity points to improved technology in the preparation of tasty and more caloric foods as a possible explanation of weight gain. Before World War II, people rarely prepared French fries at home because of the significant amount of peeling, cutting, and cooking required. Today French fries are prepared in factories using low-cost labor, shipped frozen, and then simply reheated in homes. Paul consumes two goods: potatoes and leisure, N. The number of potatoes Paul consumes does not vary, but their tastiness, T, does. For each extra unit of tastiness, he must spend p hours in the kitchen. Thus, Paul's time constraint is N+pT = 24, and Paul's utility function is U = Paul's marginal rate of substitution (MRS), with T measured on the horizontal axis and N measured on the vertical axis, is N MRS = 2. (Properly format your expression using the tools in the palette. Hover over tools to see…10.2 help me and explain3.1 In a travel demand-forecast study the following data for two zones, A and B, has been established. Use the gravity model to determine all the Ti-j. Zone A B Production 1500 2 500 A B Attractiveness 0 2 Travel time factors (Fi-j) A 0.04700 0.01259 B 0.01259 0.04700
- 3. Changing possible security and tourism outcomes According to the article, Roger Dow, U.S. Travel’s president, said that the Visit U.S. Coalition sees its initiative as complementary to increased border and travel security. The coalition lobbies to present specific policy changes to the administration, including efforts to speed visa processing at the given level of security. Adjust the following graph to illustrate the effects of implementing such measures. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. Image attatched According to the adjustment of the previous graph, if the United States were to implement fast visa processing, it would allow for a (the same/higher/lower) level of security and (more/less/the same amount of ) tourism.…nments: 2022-SU-ECO2023 x apter 7 Problems 1 eBook https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheduca Question 1 - Chapter 7 Problem: X Mc Graw Hill Type here to search Suppose that at three units purchased, marginal utility is $8 and total utility is $30. If the marginal utility of the fourth unit purchased is $6, how much is the total utility of four units? Marginal ultility: $ im o Et Soved Prey 1 of 5 NexQ4. Hi can you please help me awnser the attached question?