1. For physician visit, John spent three hours in total (e.g., round trip, in-office wait, and actual treatment) and paid $50 out-of-pocket (i.e., copayment). Given that his hourly wage rate is $20, his total cost (sum of financial cost and opportunity cost) was ___.
2. Jane has type 2 diabetes and requires regular care. Recently, the price of blood sugar test strips increased substantially. As a result, she increased the frequency of her physician visits and decreased her consumption of rubbing alcohol. This implies that, for her, physician visit is a ________ and rubbing alcohol is a ______ for blood sugar tests.
a. substitute; substitutes
b. substitute; complement
c. complement; substitute
d. complement; complement
3. John recently switched to working part-time due to the COVID-19 pandemic, and his monthly income decreased by 30%. As a result, he smokes fewer cigarettes and has replaced his brand-name drugs with generic drugs. This implies that cigarettes are ______ goods and generic drugs are _____ goods according to his preferences and needs.
4. If the government subsidizes Lasik surgery, the supply of Lasik would shift to the ______, and the price would _____ in the new equilibrium.
5. Jane is a full-time worker at Aksarben Hospital. Assume that her supervisor offers her two options for her daily wage income and leisure time: A ($200, 16 hours) and B ($300, 12 hours). Given that Jane told her supervisor that she strictly prefers option B to option A, we would assume that:
6. Given his income of $100, John consumes food (F) and medical care service (M) to maximize his utility. The price of food is $5 per unit, and the price of medical care is $20 per unit. His preference is represented with the utility function U = F*M. In consumers’ optimal decision-making process:
b. slope of the indifference curve is the same as the slope of the budget line.
c. optimal choice lies on the budget line.
d. (a), (b), and (c) are correct.
7. Assume that Ana’s annual wage increases from $50,000 to $60,000 and she increases her dental care visits from twice to three times per year. With this information, we can judge that dental care is a _____ for her as her income elasticity of dental care is ______than one.
8. Suppose that twin eye doctors work across the hall from each other. Even their parents have trouble telling them apart, and they both went to the same medical school. From this information, we would guess that the price elasticity of demand for either of their services is closest to ____.
9. John is extremely alcoholic and must drink two bottles of wine every day in any case. Based on this information, his demand curve for alcohol is a _____ line, and his price elasticity for alcohol is perfectly ________.
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