1- Alan Harper is concerned about his chiropractic business going forward, and would like
your help in assessing how the following events will impact the market for chiropractic
services. Specifically, he wants to know what impact the following events both
individually, and cumulatively, will have on the market for chiropractic services (i.e. your
answer should state that event x will cause the equilibrium price to ______ and the
equilibrium quantity to _______ and cumulatively, events x, y and z will cause the
equilibrium price to _______ and the equilibrium quantity to _______). The events
are: 1) the new healthcare law entitles every person to 6 chiropractic visits per year
courtesy of the government, 2) because of recent lawsuits, malpractice insurance for
people offering chiropractic services increases, 3) the recession ends and incomes
increase, and 4) the recession ending increases rent for businesses. Illustrate your
answers with at least one graph. 2-Sheldon Cooper and Leonard Hofstadter have entered into a physics challenge against
teams of physicists from universities around the world. In this challenge, they will have
to solve calculus based math problems and find errors in Howard Wolowitz’s work.
Based on their practice for the event, Sheldon is able to solve 15 math problems in 6
minutes and find 12 mistakes 3 minutes, while Leonard can solve 20 math problems in 10
minutes and find 15 mistakes in 5 minutes. Please answer the following questions using
this information:
a. Who has the absolute advantage in which good? Illustrate your answer by
showing both Sheldon’s production possibilities frontier and Leonard’s
production possibilities frontier.
b. What is Sheldon’s opportunity cost of solving 1 math problem? Finding 1
mistake? What about Leonard’s opportunity costs?
c. If each were to specialize in one task, who should specialize in what?
(hint: use comparative advantage in your answer).
d. What would the price of 1 math problem be in terms of mistakes found?
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