The demand function is Q = 600 – P, with P being the price paid by consumers. Put a list of prices ranging from $400 to $0 in a column labeled P. (Use intervals of%50)
a. Consumer shave insurance with 40 percent coinsurance. For each price, calculate the amount that consumers pay. (Put this figure in a column labeled P net)
b. Calculate the quantity demanded when there is insurance. (Put this figure in a column labeled DI)
c. Plot the demand curve, putting P (not P net) on the vertical axis.
d. The quantity supply equals 2 x P. Put these values in a column labeled S.
e. What is equilibrium price?
f. How much do consumer spend?
g. How much does the insurer spend?
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