Chapter 3, Problem 18P

To determine

To draw:

The appropriate curve in each of the following cases

1. The demand for cardiac bypass surgery, given that the government pays the full cost for any patient
2. The demand for elective cosmetic plastic surgery, given that the patient pays the fill cost
3. The supply of reproductions of Rembrandt paintings

Concept Introduction:

Demand: The demand is defined as the ability to pay for goods and services.

Supply: The supply is the ability of the seller to produce the goods and services and sell it at the prevailing price

Demand curve: Demand curve is the graphical representation of the demand schedule.

Supply curve: Supply curve is the graphical representation of the supply schedule