11) Full price of an office visit is: ! = a. Which person would have a higher price elasticity of demand with respect to : a high paid executive or a minimum wage hourly worker? Explain you answer. b. Which person (above) would be more likely to use a "free clinic" and why? 12) Compare and contrast the objective functions of for-profit and not-for-profit hospitals. 2 of 4 ECON 335 Fall 2023 2H EXAM 1 Due 11/12 11:59pm 2 of 4 ECON 335 Fall 2023 2H EXAM 1 Due 11/12 11:59pm Problems (20 points) 13) Explain in words and use graphs, how do health insurance mandates impact the market for employment when: a. Employees value (benefit) mandates equal to the cost of mandates b. Employees value (benefit) mandates less than the cost of mandate