Problem 1: Consider the market for radiologists in the U.S. Assume that the M PN of radiolo- gists measured in terms on number of MRIS read per radiologist is decreasing in the number of radiologists, and that the supply for radiologists is perfectly inelastic. a) Illustrate the equilibrium in the market for radiologists and illustrate the total output gen- erated by the U.S. radiologists. (Hint: Either draw two diagrams or think about the Funda- mental Identity of National Income Accounting.) Suppose now that in addition to the U.S.-based radiologists, U.S. hospitals can hire foreign radiologists to read MRIs in the U.S. Because of innovations in communication technologies, hiring foreign radiologists does not entail any additional costs. In addition, the foreign ra- diologists do not need to move to the U.S. in order to work for U.S. hospitals. Treat the employment of foreign radiologists as an outward shift in the supply of radiologists in the U.S. b) On a new graph discuss the effects on the real wage of U.S.-based radiologists, GDP, and GNDI in the U.S. that follows the outsourcing of some radiology services abroad