Consistent with Figure 12.1, assume that the FFS price was $100 per visit and the average patient

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Consistent with Figure 12.1, assume that the FFS price was $100 per visit and the average patient made eight visits per year. A competing managed care organization came in and charged $80 per visit, providing seven visits per year.

(a) Calculate the change in total expenditures.

(b) Graph the FFS and the managed care market equilibria as was done in Figure 12.1.

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