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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

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