MICROECONOMICS-ACCESS CARD <CUSTOM>
11th Edition
ISBN: 9781266285097
Author: Colander
Publisher: MCG CUSTOM
expand_more
expand_more
format_list_bulleted
Question
Chapter 5, Problem 5IP
(a)
To determine
Criteria used to determine the diseases covered and those not covered under the Medicaid program.
(b)
To determine
Medicaid program and rationing.
(c)
To determine
Market rationing and government rationing.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Suppose that the U.S. government places a ceiling on the price of a medical drug of $7.
1.) Using the point drawing
tool,
plot the quantity supplied on the supply line and label it.
2.) Using the point drawing
tool,
plot the quantity demanded on the demand line and label it.
3.) Using the double arrow
line,
indicate, via a label, the shortage or surplus.
Carefully follow the instructions above, and only draw the required objects.
The government in your country is considering three programs that affect the market of cigarettes.
Program 1: media campaigns and labeling requirements aimed at making the public aware 0f the dangers of cigarette smoking.
program 2: A price-support program for tobacco farmers.
Program 3: A cap on the number of cases of cigarettes sold per quarter at 20,000 cases.
The aim of the government is to support farmers while reducing the consumption of cigarettes.
What program or combination of programs should be implemented?
Choose 1
Program 3
Program 1
Program 1 and 3
Program 2
Reduce quantity of cigarettes consumed and reduce price of tobacco
All three programs
Reduce quantity of cigarettes consumed and reduce price of cigarettes
Reduce quantity of cigarettes consumed and increase price for tobacco
Program 1 and Program 2
Reduce quantity of cigarettes consumed and increase price for cigarettes
Suppose the price of gasoline is $1.60 per gallon. Is the quantity demanded higher or lower than at the equilibrium price of $1.40 per gallon? What about the quantity supplied? Is there a shortage or a surplus in the market? If so, how much?
Chapter 5 Solutions
MICROECONOMICS-ACCESS CARD <CUSTOM>
Ch. 5.1 - Prob. 1QCh. 5.1 - Prob. 2QCh. 5.1 - Prob. 3QCh. 5.1 - Prob. 4QCh. 5.1 - Prob. 5QCh. 5.1 - Prob. 6QCh. 5.1 - Prob. 7QCh. 5.1 - Prob. 8QCh. 5.1 - Prob. 9QCh. 5.1 - Prob. 10Q
Ch. 5.A - Prob. 1QECh. 5.A - Prob. 2QECh. 5.A - Prob. 3QECh. 5.A - Prob. 4QECh. 5.A - Prob. 5QECh. 5.A - Prob. 6QECh. 5.A - Prob. 7QECh. 5.A - Prob. 8QECh. 5.A - Prob. 9QECh. 5 - Prob. 1QECh. 5 - Prob. 2QECh. 5 - Prob. 3QECh. 5 - Prob. 4QECh. 5 - Prob. 5QECh. 5 - Prob. 6QECh. 5 - Prob. 7QECh. 5 - Prob. 8QECh. 5 - Prob. 9QECh. 5 - Prob. 10QECh. 5 - Prob. 11QECh. 5 - Prob. 12QECh. 5 - Prob. 13QECh. 5 - Prob. 14QECh. 5 - Prob. 15QECh. 5 - Prob. 16QECh. 5 - Prob. 17QECh. 5 - Prob. 1QAPCh. 5 - Prob. 2QAPCh. 5 - Prob. 3QAPCh. 5 - Prob. 4QAPCh. 5 - Prob. 5QAPCh. 5 - Prob. 1IPCh. 5 - Prob. 2IPCh. 5 - Prob. 3IPCh. 5 - Prob. 4IPCh. 5 - Prob. 5IPCh. 5 - Prob. 6IPCh. 5 - Prob. 7IPCh. 5 - Prob. 8IPCh. 5 - Prob. 9IPCh. 5 - Prob. 10IPCh. 5 - Prob. 11IPCh. 5 - Prob. 12IPCh. 5 - Prob. 13IPCh. 5 - Prob. 14IP
Knowledge Booster
Similar questions
- Q. Show and describe what would happen to the demand or quantity demanded or quantity supplied or supply for a good in each of the following cases: a) a. an increase in the price of a substitute of your product, an increase in the number of suppliers and an increase in subsidies I b) b. an increase in the price of a complement, an increase in input prices and increasing costs of regulation. c) c. an increase in income, for a normal good, Freezing weather wipes out wheat crops in Californiaarrow_forwardThe government in your country is considering three programs that affect the market for cigarettes. Program 1: Media campaigns and labeling requirements aimed at making the public aware of the danger of cigarette smoking. Program 2: A price support program for tobacco farmers. Program 3: A cap on the number of cases of cigarettes sold per quarter at 20,000 cases. The aim of the government is to support farmers while reducing the consumption of cigarettes. What program or combination of programs should be implemented and why?arrow_forwardThe government in your country is considering three programs that affect the market for cigarettes. Program 1: Media campaigns and labeling requirements aimed at making the public aware of the dangers of cigarette smoking. Program 2: A price-support program for tobacco farmers. Program 3: A cap on the number of cases of cigarettes sold per quarter at 20,000 cases. The aim of the government is to support farmers while reducing the consumption of cigarettes. What program or combination of programs should be implemented? and Why?arrow_forward
- why does a subsidy on a good lower the price consumers pay and raises the price producers recieve?arrow_forwardYou will analyze the Market for Gasoline Step 1: Draw a supply-and-demand diagram. Price is on the vertical axis, quantity is on the horizontal axis, demand is downward-sloping, supply is upward- sloping, and be sure to label equilibrium price and equilibrium quantity. Step 2. Change colors! If you have a highlighter or colored pencil (crayon, sharpie, whatever). Step 3. Show the change in demand or supply (only one curve will shift in each scenario). State if the curve decreases or increases. Step 4: Show the new equilibrium price and equilibrium quantity. Step 5: Repeat Steps 1-4 for each scenario. You will have a total of 4 graphs. Scenario A: A hurricane destroys refineries that produce gasoline. Scenario B: Consumers purchase electric vehicles that do not need gasoline. • Scenario C: Technological innovation occurs that reduces the cost of producing gasoline. Scenario D: Road trips become the one and only vacation option and many families opt for long-distance road trips. ● .arrow_forwardThe demand for hamburgers is given by Qd = 8,000 – 7,000P, where Qd is the quantity demanded and P is the price. The supply for hamburgers is given by Qs = 4,000 + 1,000P, where Qs is the quantity supplied and P is the price. If the price is €1.0, will there be a surplus or a shortage of hamburgers? Determine the amount of a shortage (surplus).arrow_forward
- How would each event affect the market for COVID-19 vaccines? Does the event cause a change in demand or a change in the quantity demanded? Is the change positive or negative? Or does the event cause a change in supply or a change in the quantity supplied? Is the change positive or negative? Explain the mechanism for the change and what happens to equilibrium price and quantity. a) The vaccine is approved for children under the age of 12. b) The U.S. government provides a subsidy that allows the price of the vaccine to be $0 for everyone. c) Several vaccines pass Phase 3 (large-scale efficacy tests) and are approved by the FDA for full use. d) A truck carrying the Pfizer vaccine has a malfunction and the refrigeration requirements aren’t met, so all the doses go bad. e) School districts and health care facilities add a requirement for getting the vaccine for all employees.arrow_forwardIn a country the Government determines to increase the tax on gasoline by $0.20 per gallon. The price of gasoline after taxes though only goes up by $0.15. Does this mean the gas station is not collecting the correct amount of taxes?arrow_forwardDon't use Aiarrow_forward
- In 2014, oil facilities in Iraq were attacked and strong economies in the United States and China boosted the demand for oil. a. Demonstrate graphically how these events led to increases in oil prices in June 2004. What was the effect on the equilibrium quantity of oil bought and sold? b. As a result of political pressure, OPEC agreed to increase the daily quota by 2 million barrels a day. What was the likely effect on equilibrium oil price and quantity? Demonstrate your answer graphically.arrow_forwardSuppose the price of gasoline is $1.00. Will the quantity demanded be lower or higher than at the equilibrium price of $1.40 per gallon? Will the quantity supplied be lower or higher? Is there a shortage or a surplus in the market? If so, of how much?arrow_forwardUse the data table below for this problem. Explain what happens in the market in each question: Q Demanded and Q Supplied, Surplus or Shortage by how many gallons. Question b: Use price support of $8.00. Question c: Change price ceiling to $6.00. Do not submit graphs Price per Gallon Quantity Demanded (millions of gallons) Quantity Supplied (millions of gallons) $8.00 200 400 $7.50 250 350 $7.00 300 300 $6.50 350 250 $6.00 400 200arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning