Health Economics and Policy
7th Edition
ISBN: 9781337106757
Author: James W. Henderson
Publisher: Cengage Learning
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Chapter 15, Problem 3QAP
To determine
To describe and explain the major elements of the Affordable Care Act, problems which this legislation is trying to address, the source of its finance and major objections.
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3
Producer Surplus, PS
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$11
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Legend
●Demand
● Supply
Price
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$9
$8
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Tons of Wheat (in thousands)
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a. Indicate the consumer surplus if the market is in equilibrium.
Instructions: Use the tool provided "Consumer Surplus, CS" to shade in the consumer surplus area on the graph.
b. Indicate the producer surplus if the market is in equilibrium.
Instructions: Use the tool provided "Producer Surplus, PS" to shade in the producer surplus area on the graph.
Figure 4-4
PRICE
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P
B
Q
a
QUANTITY
Supply
Refer to Figure 4-4. The movement from point A to point B on the graph is called
a decrease in supply.
an increase in supply.
an increase in the quantity supplied.
a decrease in the quantity supplied.
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Health Economics and Policy
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