What is meant by a loading fee when we consider the price of an insurance policy? Why is the loading fee a higher proportion of the premium when people choose low deductibles?
2. What are advantages and disadvantages of community rating of health insurance? Consider both equity and efficiency.
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- What does the elasticity of substitution illustrate?2. Explain the difference behind the U-shaped long run average cost curve.
3. Suppose the licensure requirements become more stringent so that fewer physicians will be able to practice medicine. What would happen to the supply curve for physician services? Explain.
- What are the economic reason for the high ratio of specialist to general practitioner in the United States compared to other countries?2. The American Medical Association (AMA) has often been through to behave like a trade union in restricting the supply of physicians in order to keep earnings high. What evidence is there that the AMA has acted this way?