Economics Homework Help: Medicare Subsidies?
I’m struggling with this problem right now. Confused as all get out. It’s not in the book, and we’ve never learned anything of this nature.
I’m supposed to find out the TOTAL VALUE of Medicare services…no clue as to how
Then the TOTAL COST…..again no clue
Then the amount of economic waste…..uh what?
I’ve been given these variables.
PriceM= 8
Equilibrium Price= 6
Price2= 5
QuantityM=120
Equilibrium Quantity= 100
If you could give me some formulas to solve this problem or any sort of links to something of this sort, I would excrutiatingly appreciate it.
I think PriceM is supposed to denote the price of Medicare; ditto with QuantityM.
In my head this works:
Normal equilibrium total cost is P*xQ* = 6 x 100 = 600
The M costs total cost is PM*xQM* = 8 x 120 = 960
The total cost is 960
The total value is 600
The economic waste is 960-600= 360
This question is crap (your prof’s fault)….but that’s the best I could do…without knowing what Price2 is?! If you could give the full question, maybe I could help more…but based on what you said, this is the best I could do.
|
|
Life Coaching For Work: The simple formula for total job satisfaction: The Formula for Happiness and Success at Work £3.99 Who needs a life coach? You do, because according to Eileen Mulligan, “What a personal trainer does for your body, a life coach does for the rest of your life.” Normally hers would be face-to-face guidance, but this practical self-help course — based on Mulligan’s work with clients and liberally supplied with case studies — enables you to go it alone. The book’s 11 chapters are structured round … |
|
|
Dr Robert Anthony’s Advanced Formula for Total Success £3.83 … |
|
|
The Manorama Formula £2.50 … |
|
|
The Little Book of Value Investing $17.47 The Little Book of Value Investing offers investors (professional and amateur alike) the necessary tools to follow a value-investment model that consistently beats the market…. |
|
|
The Little Book of Value Investing (Unabridged) $13.09 The Little Book of Value Investing offers investors (professional and amateur alike) the necessary tools to follow a value-investment model that consistently beats the market…. |
|
|
Under the Green Star: Green Star, Book 1 $14.95 On Earth, life held for him only the fate of a recluse – until he found the formula that let him cross space to the world of the Green Star…. |
|
|
Alterant: The Belador Code, Book 2 $6.99 The way Evalle Kincaid sees it, saving mankind from total destruction should have cleared her name…. |
|
|
The Success Formula $3.69 Mike Le Put tells you exactly how you can apply the Success Formula to become an outstanding achiever in your chosen field…. |
|
|
Oleum $45.36 Used – Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Oleum (Latin oleum = “oil”), or fuming sulfuric acid refers to a solution of various compositions of sulfur trioxide in sulfuric acid or sometimes more specifically to disulfuric acid (also known as pyrosulfuric acid). Oleums can be described by the formula ySO3.H2O where y is the total molar sulfur trioxide content. The value of y can be varied, to include diffe |
|
|
Oleum $45.36 New – Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Oleum (Latin oleum = “oil”), or fuming sulfuric acid refers to a solution of various compositions of sulfur trioxide in sulfuric acid or sometimes more specifically to disulfuric acid (also known as pyrosulfuric acid). Oleums can be described by the formula ySO3.H2O where y is the total molar sulfur trioxide content. The value of y can be varied, to include differ |
|
|
Oleum $36.62 Used – Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Oleum (Latin oleum = “oil”), or fuming sulfuric acid refers to a solution of various compositions of sulfur trioxide in sulfuric acid or sometimes more specifically to disulfuric acid (also known as pyrosulfuric acid). Oleums can be described by the formula ySO3.H2O where y is the total molar sulfur trioxide content. The value of y can be varied, to include diffe |
|
|
Oleum $49.48 Used – Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Oleum (Latin oleum = “oil”), or fuming sulfuric acid refers to a solution of various compositions of sulfur trioxide in sulfuric acid or sometimes more specifically to disulfuric acid (also known as pyrosulfuric acid). Oleums can be described by the formula ySO3.H2O where y is the total molar sulfur trioxide content. The value of y can be varied, to include diffe |
|
|
Oleum $33.57 Used – Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Oleum (Latin oleum = “oil”), or fuming sulfuric acid refers to a solution of various compositions of sulfur trioxide in sulfuric acid or sometimes more specifically to disulfuric acid (also known as pyrosulfuric acid). Oleums can be described by the formula ySO3.H2O where y is the total molar sulfur trioxide content. The value of y can be varied, to include diffe |