1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
soldier1979 [14.2K]
3 years ago
15

Suppose that the market equilibrium price for a medical check-up is $50, in a market in which there is no health insurance. To e

ncourage more people to get a check-up, the local government indicates that the price of a check-up cannot be more than $40
a. Is this a price floor or a price ceiling?
b. Draw a graph to illustrate the implementation of the policy.
c. What happens to the number of check-ups in the market? Show on your graph.
d. What happens to consumer surplus in the market? What happens to producer surplus?

Business
1 answer:
never [62]3 years ago
4 0

Answer:

a. Price ceiling

b. see graph

c. Increases

d. Increases, decreases

Explanation:

a. Price ceiling is the maximum price or ceiling so to speak imposed by government for a particular commodity inorder to relieve purchase burden from the consumers.

b. Take note of the price ceiling in the graph attached.

c. Number of demanded check-ups increases, since they are now more affordable.

d. Consumer surplus increase by $10, while the producer surplus decrease by $10 ($50-$40).

You might be interested in
A​ monopoly's cost function is CQ and its the demand for its product is pQ where Q is​ output, p is​ price, and C is the total c
Elan Coil [88]

Answer:

The answer is "70 units".

Explanation:

In the given question some equation is missing which can be defined as follows:

C = 1.5Q^2+40Q\\\\P=320-0.5Q  

Monopolistic functions are used where Marginal Profit = Marginal Cost where marginal revenue and marginal cost stand for the MR and  MC.

Finding the value of MR :

\ MR = \frac{\partial TR}{\partial Q} \\\\

       = \frac{\partial PQ}{\partial Q} \\\\= \frac{\partial (320-0.5Q)Q}{\partial Q}

       = \frac{\partial (320Q -0.5Q^2)}{\partial Q}\\\\ = \frac{\partial Q (320 -0.5Q)}{\partial Q}\\\\  \ by \ solving \ we \ get \\\\ = 320 - Q...(1)

Calculating the value of the MC:

MC = \frac{\partial TC}{\partial Q} \\

        =\frac{\partial (1.5Q^2 + 40Q)}{\partial Q} \\\\=\frac{\partial Q (1.5Q + 40)}{\partial Q}\\\\ \ by \ solve \ value \\\\ = 3Q + 40....(2)

compare the above equation (i) and (ii):

\to 320 -Q = 3Q+40\\\\\to 320 -40 = 3Q+ Q\\\\\to 280 = 4Q\\\\\to  4Q =280 \\\\\to Q= \frac{280}{4}\\\\\to Q= 70 \\

8 0
3 years ago
Put yourself in sue mccaskey's position and prepare a detailed report to dan block and ed spriggs on managing the inventory of t
PolarNik [594]

Answer:

Explanation:

Find attached the solution

6 0
3 years ago
Easton Co. deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of busines
Yuri [45]

Answer:

Adjusted cash balance is $ 60,224.

Explanation:

Detailed steps of solution are below

6 0
3 years ago
The matching concept states that expenses incurred to produce particular revenues should be matched with those revenues.
slega [8]
False. The revenues usually contemplate the profit added to the expenses or costs, therefore, they can't match.
4 0
3 years ago
Caliana manages the warehouse for United Processors Inc. At the beginning of each year, she determines the department goals for
defon

Answer: (2) Planning

Explanation:

 The planning is one of the type of management function that helps in managing the function of an organization for achieving the desirable goals in an organization.

The main objective of the planning is that it helps in altering the pattern of the resources and also maintain the plans for achieving the desired results.

According to the given question, Caliana is managing the warehouse for the united processors Inc. and she performing the planning management function for fulfill the desirable goals.

  Therefore, Option (2) is correct answer.

8 0
3 years ago
Other questions:
  • Landon is interviewing for a position at a law firm. In the interview, he is asked: "How would you resolve the issue of successf
    11·1 answer
  • 1. What common business mistake can cost you everything?
    13·2 answers
  • Tyrone found a job posting for a customer service coordinator. Which of his experiences should he include on his résumé to demon
    11·1 answer
  • Match the definition with the correct type of unemployment. Not all of the terms will be used. 1.Unemployment caused by recessio
    13·1 answer
  • SQC Inc. had sales of $3,000,000, cost of merchandise sold of $2,100,000, and average inventory of $140,000. What is SQC Inc.'s
    8·1 answer
  • Brand auditing
    5·1 answer
  • Suppose that shortly after graduating from college you decide to start your own business. Assuming you are starting a small busi
    10·1 answer
  • Tina works a cash register and has to hold her arm at a certain angle to scan her customers' items. What is the ergonomic hazard
    5·2 answers
  • Ticker IBS is traded on the Pacific, Gulf and Atlantic stock Exchanges. The sequence of bids in the consolidated record is:
    11·1 answer
  • how can electricity, communication, and transportation facilities indicate the potential for industrial growth?​
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!