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READ THE QUESTION. I NEED THE NEW EQUILIBRIUM PRICE AFTER REIMBURSEMENT The following table shows the quantity demanded and supplied of physician office visits at
READ THE QUESTION. I NEED THE NEW EQUILIBRIUM PRICE AFTER REIMBURSEMENT
The following table shows the quantity demanded and supplied of physician office visits at various prices. The equilibrium price is $90 and the equilibrium quantity is 7. Assume the patient gets a job and has employer-provided health insurance that reimburses 50% of the cost of physician visits. What is the new equilibrium price and quantity?
Price (P) | Quantity Demanded | Quantity Supplied |
$40 | 12 | 2 |
$60 | 10 | 4 |
$80 | 8 | 6 |
$100 | 6 | 8 |
$120 | 4 | 10 |
$140 | 2 | 12 |
$160 | 0 | 14 |
PS: Do Not copy paste chegg solutions, read the question carefully.
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