Understanding Labor Market

Labor Market:

Equilibrium is initially at a wage of $15 and Q=25,000

Questions:

Suppose the government sets the minimum wage at $10. What is the likely effect from the minimum wage? Explain your reasoning.
Suppose the government sets the minimum wage at $30. What is the likely effect from the minimum wage? Explain your reasoning.
What is the basic effect, from an effective price floor, in a supply and demand model of a labor market? Why do some politicians and public policy makers, believe that the minimum wage causes more harm than good in a labor market?
***Graph the market and the subsequent changes in the market on a piece of paper/tablet. Please make sure that you label all of the key points and information on the graph. You will be required to submit a picture or file of your graph subsequently into another test in Canvas. ****

Your essay needs to be a minimum of 175 words (two paragraphs). Please type your essay into the textbox below. MLA or APA format is not required.

Third-Party Payer Market

-Suppose that co-payments are set at $20 per doctor visit and quantity demanded is 60 from patients

-In for doctors to supply 60 doctor visits the price has to be $100

-Suppose that in a regular market (no third-party), the equilibrium price is $60 and the quantity is 30

Questions:

What are the total out of pocket costs for patients?
What are the total third-party payer (insurance company) costs?
What are the total costs in a third-party payer market?
What are the total costs in a regular market (no third-party)?
Why is there a difference between a regular market and a third-party payer market in regards to total costs? What is the difference?
***Graph the market on a piece of paper/tablet. Please make sure that you label all of the key points and information on the graph. You will be required to submit a picture or file of your graph subsequently into another test in Canvas.

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