2.What are the likely consequences of the following events in the U.S. market for cosmetic surgery? Does the supply curve or the demand curve shift? In which direction? State whether the equilibrium price and quantity increase, decrease, or stay the same.
a.Health insurance coverage is expanded to cover all elective procedures, such as tummy tucks, nose jobs, and liposuction.
b.Personal finance companies start a nationwide lending program for cosmetic procedures not covered by health insurance.
c.Medical malpractice insurance premiums increase for plastic surgeons.
10-T3
IF IT'S ON , THE SOONER THE BETTER. MORE PEOPLE WILL FEEL BETTER ABOUT THEMSELVES, AND BE HAPPIER.
mbrcatz17
a. health insurance companies either go broke, or everyone's premiums triple - which they won't be able to afford, so they go uninsured.
b. they already do this. ANYONE who can get a personal loan, doesn't have to say what the money is for.
c. well, that happens every year, too.
So there's no new consequence for b & c, as they are already REGULAR events.
Orignal From: Q&A: What are the likely consequences of the following events in the U.S. market for cosmetic surgery?
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