The attached diagram shows the market for medical checkup. (1) what are the equilibrium price and quantity of medical checkup? (2) which kind of externality problems exists in the market for medical checkup? how does this externality problem affect the efficiency of the market? explain in detail. (3) how can the government solve this externality problem? explain in detail.

Q: Create one “pro” paragraph in support of the issue and one “con” paragraph against the issue about…

A: Health insurance is a type of insurance that pays for medical costs incurred as a result of an…

Q: Suppose that in the midst of a financial crisis, Mr Burns is forced to sell the SNPP to wealthy…

A: a. Negative externality exists when production and consumption of any good poses a negative effect…

Q: Why might redistribution across communities make sense for the provision of education? a-there are…

A: The correct option is c ‘there is externality associated with education’.

Q: Which of the following is referred to as a negative externality of smoking cigarettes?  A. the…

A: When the production or consumption of a certain good or service has an impact on a third party who…

Q: Which kind of externality problems exists in the market for medical checkup? How does this…

A: Externality is the negative or positive spillover by the consumer or producer which affects the…

Q: The coronavirus pandemic has drawn attention to the importance of vaccinations (and other health…

A: Hey, thanks for the question. Since you have posted multiple questions we will answer one the first…

Q: Which of the following illustrates the concept of externalaties?       A. A hurricane destroys a…

A: An externality is the benefit or costs associated with an activity that is born by the third party…

Q: How would the owner respond to the negative externality caused by smokers?

A: Extranlity is defined as an external effect on others when one consumes or produces something.

Q: Explain why economists might say that the market for higher education demonstrates externalities and…

A: Higher education when attained by students,gives rise to employment. Therefore according to…

Q: A medical reported that the consumption of this product has many health benefits Describe how does…

A: As a medical reported that the consumption of this product has many health benefits, Describe how…

Q: Bring an example of a positive externality and an example of a negative externality (other than…

A: Positive externality implies benefit to the party not involved in a transaction while negative…

Q: If education produces positive externalities and the government does not intervene in the market, we…

A: Positive externalities occur when an activity creates a benefit to the third person who is not…

Q: Which of the following is a reason to deviate from the Haig-Simons comprehensive income definition…

A: b) Charitable giving

Q: State in your own words what you think is the strongest reason supporting euthanasia decisions on…

A: When a person performs an act of euthanasia, she brings about the death of another person because…

Q: For each of the cases below, describe the type of entry barrier that appears to be most relevant.…

A: There are various entry barriers in the different markets, that may be because of the government…

Q: In the following graph, suppose market is in equilibrium at point A. Determine if you agree or…

A: The market is in equilibrium at point A. We will note the changes in the demand and supply curve to…

Q: The National Institute of Health (NIH) provides grants funded by the U.S. government to researchers…

A: The investigations which aim for answering questions, testing ideas, an improvement on options of…

Q: While the individual mandate clause in the Affordable Care Act (also known as, Obamacare) was still…

A: There are various economic factors that results in market failure .such factors include adverse…

Q: "If the production of health care generated positive externalities, the welfare costs of moral…

A: The study of how the distribution of resources and goods impacts social welfare is known as welfare…

Q: Name the 3 core functions of public health and describe those with the 10 essential services of…

A: A nation's public health system is a collection of all organized actions aimed at preventing…

Q: The figure below shows the market for driver education programs. The market demand curve for driver…

A: The positive externality states that the production or consumption of a particular goods or services…

Q: Suppose an insurance company wants to charge a very healthy individual a premium of $1,200 a year…

A: The number of reports should the company request (X) can be calculated by suing the following…

Q: Which of the following does NOT generate negative externalities in part through health care costs?…

A: The externalities are the additional cost or benefit incurred for the third individual who is not…

Q: (MCQ) If there are no externalities a competitive market achieves economic efficiency. If there is…

A: Externalities: Externalities are the cost or benefits that are incurred or received by the third…

Q: Moral hazard creates tradeoffs that complicate insurance design and policy choices. Imagine a linear…

A: The situation explains that the cost per visit was $100 and the number of visits was equal to…

Q: In the perspectives of macroeconomics and microeconomics, compare and contrast the negative and…

A: Economics is the study of how individuals make decisions in the face of shortage. Individual,…

Q: For each of the following insurance plan designs, use a supply and demand graph to show how it would…

A: Insurance Insurance is a contract in which a person or organization gets financial protection or…

Q: Which of the following phenomena is NOT an example of market failure? a. A positive externality. b.…

A: In an economy, market failure refers to the Ayia whe any of the trading party will get unfair share…

Q: A glue factory and steel mill emit smoke and containing a chemical that is harmful if inhaled in…

A: The first choice will be to close all polluting factories permanently. This will totally remove the…

Q: Explain the differences among the following three types of government intervention in the health…

A: Government intervention is any action disbursed by the govt or public entity that affects the free…

Q: Which statement below is not accurate regarding Medicaid-funded health care as discussed in the…

A:

Q: During the time of a pandemic and the existence of a highly contagious corona-virus, many scientists…

A: Not wearing a mask would have negative externality,because others would get coronavirus.

Q: If the market is allowed to set the price and quantity of procedures, what price and quantity will…

A: Binding price ceiling means that government sets prices below the market equilibrium price in order…

Q: Suppose there is a consumption externality for drug use. Do a standard welfare analysis and propose…

A: Consumption externality for drug use is a negative externality where there exists external…

Q: Suppose you are told that electronic cigarettes cause health problems such as depression and…

A: Welfare economics is the study the allocation of goods and resources and how it affects social…

Q: The Tucker family has health insurance coverage that pays 80 percent of out-of-hospital expenses…

A: Health-care coverage Tucker is currently residing in the United States with his family. For his…

Q: Empirical evidence suggests that state laws mandating health insurance coverage for alcoholism…

A: The state laws mandating health insurance coverage for alcoholism treatment lead to moral hazard on…

Q: With the aid of examples or illustrations, show how cost-benefit analysis is linked to the following…

A: The benefit or cost that is being caused by the producer which is not being incurred or received…

Q: Historically, Vaccinations have prevented the spread of certain diseases such as chicken pox or…

A: Externality refers to the production or consumption which will cause either benefit or cost to a…

Q: Suppose that you put an invisible tracking device on your computer that will instantly lead police…

A: An externality may be a cost or benefit incurred or received by a producer that's not bought by that…

Q: Suppose that Hubert, an economist from an AM talk radio program, and Kate, an economist from a…

A: Meaning of Tax Imposition:The term tax imposition or the tax hike refers to the situation under…

Q: A patient named Jen visits Dr. Jan. Dr. Jan is nearly certain that Jen only has a cold. But because…

A: Market failures occurs when resources are not efficiently allocated. When market failure occurs,…

Q: uppose you have an insurance plan in which you pay the market price for medical care until you meet…

A: Total benefit is maximum when marginal cost equals marginal benefit.

Market Equilibrium and Failure

The economy of a country or any place depends on the market demand and market supply of goods and services.