Note whether the following statement is true, false or uncertain and explain youranswer. Clearly state the effect of each event and the final outcome."The pandemic has generated a shortage of semiconductors used formaking laptops. The pandemic also caused an increase in remote workingand online learning, which requires the use of a laptop. As a result, theequilibrium quantity of laptops increased and the price of laptopsdecreased."

whether the following statement is true, false or uncertain and explain your er. Clearly state the effect of each event and the final outcome. The pandemic has generated a shortage of semiconductors used for naking laptops. The pandemic also caused an increase in remote working nd online learning, which requires the use of a laptop. As a result, the quilibrium quantity of laptops increased and the price of laptops

whether the following statement is true, false or uncertain and explain your er. Clearly state the effect of each event and the final outcome. The pandemic has generated a shortage of semiconductors used for naking laptops. The pandemic also caused an increase in remote working nd online learning, which requires the use of a laptop. As a result, the quilibrium quantity of laptops increased and the price of laptops

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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According to data from Yelp, more than 55 percent of the 132,500 businesses listed on the site that closed during the pandemic will remain shuttered permanently. Although government relief bought some companies time, businesses that are now closed will likely remain that way for the long term. Restaurants account for the greatest share of permanent and temporary closures, followed closely by retailers and then beauty salons and spas. “Businesses are needing to decide, ‘Do I renew my lease on my space for another year?’ It is really hard to make a one-year commitment to paying rent when businesses are closing down for the second time and there’s no end in sight to this virus,” said Michael Stepner, a postdoctoral researcher at Harvard University. “The longer these temporary closings go on, the more of them will turn permanent.” States that depend heavily on tourism like Hawaii and Nevada have experienced the most closures per capita. As businesses close across the country, it becomes…
Federal law allows workers who leave a job to continue to participate in the health insurance they were receiving through their previous employer. However, they have to pay the full monthly premium (including both the employee and employer portions), as well as a 2 percent administrative fee. This high price has led many people, especially the healthier ones, to drop coverage. Insurance companies report that these plans lose them money. This phenomenon is an example of: a. Adverse Selection b. Moral Hazard c. Tragedy of the Commons d. Commodity Egalitarianism
If surgeons really have the ability to increase thedemand for surgeries, which kinds of surgerieswill be most affected? Can you think of a way todetermine which surgeries are unnecessary? Provide several examples from your own readings orexperience.
Draw a market where consumers demand health insurance and insurance companies supply insurance at a price of insurance called the premium. Explain why, in this model of the insurance market, the individual mandate (the mandate is everyone has to have insurance) will cause health insurance premiums to increase.
Suppose the market for auto insurance is made of up two types of buyers: high-risk and low-risk. Buyers’ willingness to pay (WTP) for auto insurance plans, and sellers’ willingness to accept (WTA) when selling plans to each type of buyer, are outlined in a photo (a) In a world with perfect information, would the market for insurance plans clear? If not, why? If yes, what are some prices that would a llow both markets to clear? The prices in each market are allowed to differ Assume now that there is asymmetric information and that insurance companies do not know how risky an individual buyer is. In the face of this uncertainty, they determine that the probability that a “walk-in” is high-risk is 0.75. What is the minimum price sellers are willing to accept when selling an insurance plan? At this price, will low- and high-risk buyers both be willing to purchase this insurance plan? Explain. Be sure the mention adverse selection in your answer.
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Demand for medical services is price inelastic (Absolute value of price elasticity of demand is less than 1 and greater than zero). Medical services are different from most other goods and services in that the person who determines the demand (the patient) is not the person who makes the payment (payment is made by the insurance company). How does this affect the price elasticity of demand for medical services (increase it or decrease it)? You may assume that this question only refers to people who have health insurance. Ignore co-payments and deductibles and any other out-of-pocket expenses. Please give an explanation.
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