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total healthcare expenditures? Use the values on the table (estimates are totally fine) to illustrate how your proposal would reduce the total cost of healthcare. Average cost Demand for Supply of per visit office visits office visits (Millions/yr) (Millions/yr) $323 988 118 $647 928 208 $970 868 298 $1,293 808 388 $1,616 748 478 $1,940 688 568 $2,263 628 658 $2,586 568 748 $2,909 508 838 $3,233 448 928 Healthcare Market $3,500 $3,000 $2,500 Average Price Per $2,000 $1,500 Demand for office visits .Supply of officevisits $1,000 $500 50 200 400 600 800 1000 1200 Millions of Office Visits Per YearBelow is an example of supply and demand for healthcare services in the US. (Third-Party Payer Market) 1} In the US. patients pay an average of 20% of total healthcare expenditures. Using the table below, if patient's pay an average of $647 per visit, what quantity will be exchanged in this market? What is the total amount spent on Healthcare? (Remember, this is a Third-Party Payer Market) 2) Healthcare costs continue to rise faster than GDP, taking up an increasing share of total U.S. expenditures. What is one way that we might reduce total healthcare expenditures? Use the values on the table (estimates are totally fine) to illustrate how your proposal would reduce the total cost of healthcare. Demand for Supply of Average cost , , , , , , offIce VISIts office VISIts per visit (Millions/yr) (Millions/yr) |$323 |988 |11 $647 WW |$97O |868 |298 |$1, 293 |88 |388 |$1, 616 |74 i478 lmLn