Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For each one of the following hypothetical scenarios, using a demand-and-supply graph, show and explain the initial impact of each scenario on the equilibrium market

For each one of the following hypothetical scenarios, using a demand-and-supply graph, show and explain the initial impact of each scenario on the equilibrium market price and quantity for health care services:

a) In the U.S., “Medicare for all” have become real and every individual now has health insurance under universal health care coverage. At the same time, medical schools, on average, have become more serious and stringent in training and educating future medical doctors and in accomplishment of this aim, along with other improvements, they increased number of years required for a general MD degree, prior to residency.

b) TV ads of food and beverage products with relatively high sugar, sodium, and fat content have increased during both adult and child audience programming in all channels.

c) Congress cuts funding for many programs and agencies of the U.S. Department of Health & Human Services and the U.S. Department of Agriculture. Accordingly, CDC 3 can no longer continue to run a massive advertising campaign that informs public on the harmful chemicals in e-cigarettes. Further, although FDA has been given the authority by a new rule to regulate all e-cigarette products, due to limited funding, it cannot effectively audit manufacturers of e-cigarettes, which resulted in compliance failures by manufacturers on printing of the required health warnings on e-cigarette product packages.

Step by Step Solution

3.39 Rating (143 Votes )

There are 3 Steps involved in it

Step: 1

a Medicare for all and increased training requirements for medical doctors The demand curve for healthcare services would shift to the right due to th... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Accounting Principles

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

20th Edition

1259157148, 78110874, 9780077616212, 978-1259157141, 77616219, 978-0078110870

More Books

Students also viewed these Economics questions