10.6.PAGE 168 --The demand function is Q = 600 P, with P being the price paid by...
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10.6.PAGE 168 --The demand function is Q = 600 P, with P being the price paid by consumers. Put a list of prices ranging from $400 to $0 in a column labeled P. (Use intervals of $50.) a. Consumers have insurance with 40 percent coinsurance. For each price, calculate the amount that consumers pay. (Put this figure in a column labeled PNet.) b. Calculate the quantity demanded when there is insurance. (Put this figure in a column labeled DI.) c. Plot the demand curve, putting P (not PNet) on the vertical axis. d. The quantity supplied equals 2 P. Put these values in a column labeled S. e. What is the equilibrium price? f. How much do consumers spend? g. How much does the insurer spend?
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