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Consider a consumer with the following demand for minutes of doctor visits: D(P) = 150 5P The market price for each minute of doctor visits is P = 19 If the consumer does not have insurance, how many minutes of doctor visits does the patient demand? (assume continuous units) 55 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 Pe = 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). Consider a consumer with the following demand for minutes of doctor visits: D(P) = 150 5P The market price for each minute of doctor visits is P = 19 If the consumer does not have insurance, how many minutes of doctor visits does the patient demand? (assume continuous units) 55 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 Pe = 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)