Using Microsoft excel and word, answer questions 1 and 2.

LE 1. The following table shows the quantity demanded and supplied of physician office visits at various prices. Draw the demand and supply curves. What is equilibrium price and quantity? Price (P) Quantity Demanded Quantity Supplied $50 $70 7 $90 $110 3 $130 1 2. The following table shows the quantity demanded and supplied of physician office visits at various prices. Draw the demand and supply curves. What is the equilibriump ice and quantity? Assume the patient gets a band has employer vided health insurance that reimburses 50% of the cost of physician visits. What is the new equilibrium price and quantity? Price (P) Quantity Demanded Quantity Supplied $40 12 $60 $80 8 1006 $120 4 $140 2 $i60 10 10 12 14