1.3 The market demand for medical checkups per day is QF = 25(198 + nC /20,000 -...

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1.3 The market demand for medical checkups per day is QF = 25(198 + nC /20,000 - pF), where nC is the number of patients per day who are at least 40 years old, and pF is the price of a checkup. The market demand for the number of dental checkups per day, QT, is QT = 100(150 - pT)/3, where pT represents the price of a dental checkup. The long-run market supply of medical checkups is QF = 50pF - 10pT. The long-run market supply of dentists is QT = 50pT - 10pF. The supplies are linked because people decide on a medical and dental career based in part on relative earnings.

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Microeconomics With Calculus

ISBN: 9780273789987

3rd Global Edition

Authors: Jeffrey M. Perloff

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