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The market demand for medical checkups per day, (1;, is 0,: = 40(200 pF), where pF represents the price of a checkup. The market demand
The market demand for medical checkups per day, (1;, is 0,: = 40(200 pF), where pF represents the price of a checkup. The market demand forthe number of dental checkups per day, GT. is QT = 4005 - pT). where p-I- represents the price of a dental checkup. The market supply of medical checkups is 0,: = SUpF 10pT. The market supply of dentists is QT = 50p-l- 5pF. The supplies are linked because people decide whether to be doctors and dentists on the basis of relative earnings. The quantity supplied of medical checkups depends on the price of dental checkups. What does the supply function property imply about the effect of price changes? As pl: increases. more people become doctors and fewer people become dentists. Similarly, as p-I- increases. fewer people become doctors and more people become dentists. What are the equilibrium prices? (Enter numeric all responses uslng real numbers rounded to two decimal places.) The equilibrium prices are $D for medical checkups and 33D for dental checkups
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