B. The figure below shows the market of physician visit. Current market price for each physician...

 

 

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B. The figure below shows the market of physician visit. Current market price for each physician visit is $5. Price ($) 9 8 7 6 5 0 1 2 3 4 Number of Physician Visits (Q) 1) According to the figure, what is the optimal number of physician visits which can maximize consumer surplus? 2) Calculate total consumer surplus when the number of physician visits reaches the optimal amount. 3) When market price rises from $5 to $6, how will the optimal number of physician visits and consumer surplus change? B. The figure below shows the market of physician visit. Current market price for each physician visit is $5. Price ($) 9 8 7 6 5 0 1 2 3 4 Number of Physician Visits (Q) 1) According to the figure, what is the optimal number of physician visits which can maximize consumer surplus? 2) Calculate total consumer surplus when the number of physician visits reaches the optimal amount. 3) When market price rises from $5 to $6, how will the optimal number of physician visits and consumer surplus change?

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To determine the optimal number of physician visits that can maximize consumer surplus we need to fi... View the full answer