The market demand for medical checkups per day, O, is Q=25(200-PF), where pe represents the price of a checku The market demand for the number of dental checkups per day. Qr, is Q=30(50-Pr), where p, represents the price of a dental checkup. The market supply of medical checkups is QF=60pp-10PT The market supply of dentists is Q=60p -20PF- The supplies are linked because people decide whether to be doctors and dentists on the basis of relative earnings. The quantity supplied of medical checkups depends on the price of dental checkups. What does the supply function property imply about the effect of price changes? As py increases, more people become doctors and fewer people become dentists. Similarly, as pr increases, fewer people become doctors and more people become dentists What are the equilibrium prices? (Enter numeric all responses using real numbers rounded to two decimal places) The equilibrium prices are $71.00 for medical checkups and $32.5 for dental checkups

The market demand for medical checkups per day, O, is Q=25(200-PF), where pe represents the price of a checku The market demand for the number of dental checkups per day. Qr, is Q=30(50-Pr), where p, represents the price of a dental checkup. The market supply of medical checkups is QF=60pp-10PT The market supply of dentists is Q=60p -20PF- The supplies are linked because people decide whether to be doctors and dentists on the basis of relative earnings. The quantity supplied of medical checkups depends on the price of dental checkups. What does the supply function property imply about the effect of price changes? As py increases, more people become doctors and fewer people become dentists. Similarly, as pr increases, fewer people become doctors and more people become dentists What are the equilibrium prices? (Enter numeric all responses using real numbers rounded to two decimal places) The equilibrium prices are $71.00 for medical checkups and $32.5 for dental checkups

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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