An appendectomy is an operation to have your appendix removed. To simplify the analysis, assume that everyone
Question:
(a) Show that the demand curve for appendectomies is vertical.
(b) There is a technological breakthrough that allows surgeons to perform appendectomies at a much lower cost. Will the equilibrium price of appendectomies rise, fall, or remain constant? Will the equilibrium quantity of appendectomies rise, fall, or remain constant? Present a supply-and-demand curve diagram to defend your answers.
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a The quantity of appendectomies demanded will not change if th...View the full answer
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