Third-Party Payer Market -Suppose that co-payments are set at $20 per doctor visit and quantity demanded is 60 from patients -In order for doctors to supply 60 doctor visits the price has to be $100 -Suppose that in a regular market (no third- party), the equilibrium price is $60 and the quantity is 30 Questions: 1. What are the total out of pocket costs for patients? 2. What are the total third-party payer (insurance company) costs? 3. What are the total costs in a third-party payer market? 4. What are the total costs in a regular market (no third-party)? 5. Why is there a difference between a regular market and a third-party payer market in regards to total costs? What is the difference? ***Graph the market on a piece of paper/tablet. Please make sure that you label all of the key points and information on the graph and submit a picture or file of your graph below your short answers into the textbox below