The market price for each minute of doctor visits isP= 24

Continue to assume consumer with the following demand for minutes of doctor visits: D (P) = 150 -5P The market price for each minute of doctor visits is as given in the prior question. b. [5 points] If the consumer has an insurance policy that charges of co-payment price per minute of P. = 2, how many minutes of doctor visits does the patient demand using the insurance policy? (assume continuous units). c. [5 points] What is the value of the social loss due to the co-payment insurance plan (relative to NO insurance)? (Graph this area and find a value). d. [5 points] Now consider that rather than a co-payment plan, the consumer has an insurance policy that charges a co-insurance rate of 0.40. (Recall, this means consumer pays 40% of P), how many minutes of doctor visits does the patient demand using this insurance policy? (assume continuous units). e. [5 points] What is the value of the social loss due to the co-insurance plan (relative to NO insurance)? (Graph this area and find a value)