Question: Need help solving these two problems Exercise 1. The following table shows data for Australia, the United Kingdom, and the United States. Source: Data fron

Exercise 1. The following table shows data for Australia, the United Kingdom, and the United States. Source: Data fron ofCo (2017). Note: Expenditure per person has been transiated into us dollars and adjusted for inflatian. 1. How did life expectancy at birth change between 2010 and 2015? Use the percentage change formula to answer. It is \% =OLDNEWOLD100%, [5] 2. How did expenditure per person change between 2010 and 2015? Use the percentage change formula to answer. It is %=OLDNEWOLD100%. [5] 3. What conclusions do you draw from these data? [5] 4. If you were the "manager" of the healthcare system in the United States, what would be a sensible response to data like these? [5] Exercise 2. Consider the market for physician services. 1. Suppose holistic medicine is considered a substitute for physician services. If holistic medicine becomes cheaper, determine how the market equilibrium for physician services changes. Show on a supply-demand graph. [10] 2. Suppose there is an increase in new medical school graduates. How would this change the market equilibrium for physician services? Show on a supply-demand graph. [10]
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