Use the graph input tool to help you answer the following questions. You will no

Question

Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. The supply curve shows the number of doctor visits supplied at each price, where the price per visit is the amount received by the doctors for their services. In other words, the supply curve represents the marginal cost of producing additional doctor visits. The demand curve shows the number of doctor visits demanded by patients at each price, where the price per visit is the amount that the patients have to pay themselves. In other words, the demand curve represents the marginal benefit of consuming additional doctor visits. The efficient number of doctor visits in this economy is visits per year, while the equilibrium price is per visit. When you change the number of doctor visits in the white box, the value in the insurance payment box changes to reflect the amount that would make up the difference between what patients are willing to pay and what doctors change at a given quantity. Now suppose everyone in this economy goes health insurance that pays 80 percentage of the price received by doctors. In this case. These would be doctor visits demanded per year. The following graph shows the supply of and demand for arrays in the economy. Drag the supply curve, the demand curve, or both to show the effect of the introduction of the health insurance plan on the market arrays. Tool tip: Click and drag one or both of the curves. Curves will snap into position, on if you try to move the curve and r snaps back to original position just try again and drag to little further.

Explanation / Answer

Answer to blank 1: 375

Answer to blank 2: 150

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