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4. (a) In the Newhouse hospital model the hospital maximizes utility: max U(q, s)] subject to p(q, s) = c(9 (s) , s) q,s q(s) where q and s denote quantity and quality, respectively. Describe this model with accompanying graph/s in your own words. (b) In the Pauly-Redisch model, physicians maximize their average revenue: max pq(K, L, M) - rK -WL] M M where M denotes the number of physicians, K is capital (with unit price r) and L is labor (with unit price w). Describe this model with accompanying graph/s in your own words. (c) For both models above, discuss the effects from (i) an increase in the wage rate paid to hospital employees; (ii) an increase in the number of persons with health insurance coverage in the hospital's market area; (iii) the implementation of a fixed dollar government subsidy per unit of hospital care