EBK PRINCIPLES OF MICROECONOMICS (SECON
2nd Edition
ISBN: 9780393616149
Author: Mateer
Publisher: W.W.NORTON+CO. (CC)
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Question
Chapter 18, Problem 5SP
To determine
Impact of legalization on the price and quantity of Kidneys.
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Assume that the government decides to subsidize the price of healthcare. The subsidy will be given directly to individual consumers of medical-related goods and services. Who is likely to benefit more from this subsidy: Providers (doctors, nurses, hospital staff, etc....) or Patients? Explain your answer using a supply and demand diagram.
The graph below represents a simplified hypothetical version of the market for medical procedures in Canada.
If the market is allowed to set the price and quantity of procedures, what price and quantity will it set?
P = $7,000, Q = 62 thousand
P = $12,000, Q = 106 thousand
P = $7,000, Q = 112 thousand
P = $49,000, Q = 62 thousand
Since humans have two kidneys, you could sell a kidney and still live a long, healthy life. Given that there is such a demand for organs, do you think we should allow individuals to sell their organs like kidneys? Who do you anticipate would be most likely to sell their organs and who are the most likely to buy organs? Do you foresee any unintended consequences of legalizing the sale of organs?
Chapter 18 Solutions
EBK PRINCIPLES OF MICROECONOMICS (SECON
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