PP#1.docx - Practice Problems Supplement your answers with graphs whenever possible Supply and Demand(15 points 1 Analyze the effects of the following

PP#1.docx - Practice Problems Supplement your answers with...

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Practice Problems Supplement your answers with graphs whenever possible. Supply and Demand (15 points) 1. Analyze the effects of the following on equilibrium wages and employment of primary care physicians. Use graphs to answer these questions—no credit given without graph. a) (5 points) States pass legislation allowing Advance Practice nurses (registered nurses with specialty training) to prescribe medication without the supervision of primary care physicians. b) (5 points) Salaries of doctors practicing specialties (orthopedics, cardiology, dermatology, etc) increases. c) (5 points) As part of the Affordable Care Act (federal legislation which overhauled health care), low interest loans are made available to medical students who intend to pursue primary care. Labor Supply (20 points) 2. Kathryn is a single mother with two children who receives a wage of $15/hour working as a receptionist. She also receives $150 per week in child-support payments. She has a maximum of 110 hours per week at her disposal. Assume price of consumption is $1 per unit.
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