The patients? marginal be

The patients? marginal be

The patients? marginal benefit is= 300 ? 50Q, and the patient has full insurance and pays nothing for doctor visits.of physician care is $100 per visit, and the physician?s marginal cost and average total cost are constant at $50. a. The physician has no competition, as she is the only medical doctor in a small town where she has set up her privatepractice. How many physician visits will the physician provide in order to maximize profits? Find the physician?sprofit. What is the patient?s net benefit? Please illustrate your answers also with a graph. Suppose instead that the physician works in a bigger city where there are other physicians providing the same type of services. In addition, the patient has no insurance, and pays the full cost of physician visits. b. Suppose if the physician were to provide 3 physician office visits to the patient, the patient would have the same netbenefit as NBwhen seeing an alternative physician. Find the physician?s profit. What is the patient?s net benefit? Please illustrate your answer with a graph and find the following: i. NB. ii. profit maximizing quantity of services that the physician could provide in this case and still not lose the patient. iii. physician?s profit. iv. patient?s net benefit.c. Suppose with increased competition, now the price falls to P=50 and now if the physician were to provide 2 physician office visits to the patient, the patient would have the same net benefit as NBwhen seeing an alternative physician. This physician is committed to providing as many physician office visits to patients as possible (i.e. maximize physician office visits instead of profits). Please illustrate your answer with a graph and find:i. NB. ii. maximum number of office visits the physician could provide and still not lose the patient. iii. physician?s profit. iv. patient?s net benefit.

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