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    Harvard university
    Feb-1997 - Aug-2003

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    Strayer University
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Category > Economics Posted 12 Jul 2017 My Price 10.00

the role of price

  1. Explain the role of price as a mechanism for allocating resources in an economy.
  2. What would happen if, in order to provide lower cost healthcare, the government decided to set a price ceiling (Pmax) in the health insurance market?
  3. What is the effect of this maximum price legislation on the market for health insurance?
  4.  Briefly explain the situation for both consumers and producers (i.e. healthcare providers).
  5. What might the government do to achieve their intended aims (i.e. lower costs and increased quantity)?
  6. Briefly explain why Cross Elasticity of Demand (XED) is important for business decision-making. 
  7. Briefly explain (3-5 sentences) why it usually makes sense for the government to impose taxes on markets (and products) that have an inelastic demand instead of markets with an elastic demand. 

Answers

SuperTutor
(15)
Status NEW Posted 12 Jul 2017 04:07 AM My Price 10.00

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file 1499833943-Solutions file.docx preview (51 words )
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