PLEASE ANSWER THE QUESTIONS IN BOLD: In a certain Midwest city, a series of studies were conducted to measure both the supply and demand for physician services at various price points. The table below represents the findings across ten different employers who offer self- insured health benefits to their employees. Observations were made across time at various price points and the data below was gathered. So, for instance, at a price of $50 for an office visit, the employees of Employer 1 consumed 150 visits per week; and at a price of $60, they only consumed 140 visits, etc. At the same time and in the same city, ten different primary care practices were observed and the data table below was generated. In this case, at a price point of $50 per visit, PCP1 was willing to supply 70 visits per week, but at $60, he would supply 80 visits, etc. Question #2 – assuming that, in the short-run, the supply of physician services will remain as expressed in Table 2 above, what will happen to the market clearing price and visit quantity? Show graphically what just happened. Again, in plain English, what is happening here? After another year, new measurements are taken, and we see that the demand for services has indeed settled into that predicted in Table 3 above. We also note that physicians’ willingness to supply services at various price points has shifted. The table below shows how: Table 2 Number of visits/ year Price/visit PCP 1 PCP 2 PCP 3 PCP 4 PCP 5 PCP 6 PCP 7 PCP 8 PCP 9 PCP 10 $ 50 70 40 57 45 50 47 91 110 40 50 $ 60 80 50 67 55 60 57 101 120 50 60 $ 70 90 60 77 65 70 67 111 130 60 70 $ 80 100 70 87 75 80 77 121 140 70 80 $ 90 110 80 97 85 90 87 131 150 80 90 $ 100 120 90 107 95 100 97 141 160 90 100 $ 110 130 100 117 105 110 107 151 170 100 110 $ 120 140 110 127 115 120 117 161 180 110 120 $ 130 150 120 137 125 130 127 171 190 120 130 $ 140 160 130 147 135 140 137 181 200 130 140 Number of visits/ year Price/visit Empl 1 Empl 2 Empl 3 Empl 4 Empl 5 Empl 6 Empl 7 Empl 8 Empl 9 Empl 10 $ 50 170 220 150 140 180 200 155 162 173 150 $ 60 160 210 140 130 170 190 145 152 163 140 $ 70 150 200 130 120 160 180 135 142 153 130 $ 80 140 190 120 110 150 170 125 132 143 120 $ 90 130 180 110 100 140 160 115 122 133 110 $ 100 120 170 100 90 130 150 105 112 123 100 $ 110 110 160 90 80 120 140 95 102 113 90 $ 120 100 150 80 70 110 130 85 92 103 80 $ 130 90 140 70 60 100 120 75 82 93 70 $ 140 80 130 60 50 90 110 65 72 83 60 Table 2 Number of visits/ year Price/visit PCP 1 PCP 2 PCP 3 PCP 4 PCP 5 PCP 6 PCP 7 PCP 8 PCP 9 PCP 10 $ 50 70 40 57 45 50 47 91 110 40 50 $ 60 80 50 67 55 60 57 101 120 50 60 $ 70 90 60 77 65 70 67 111 130 60 70 $ 80 100 70 87 75 80 77 121 140 70 80 $ 90 110 80 97 85 90 87 131 150 80 90 $ 100 120 90 107 95 100 97 141 160 90 100 $ 110 130 100 117 105 110 107 151 170 100 110 $ 120 140 110 127 115 120 117 161 180 110 120 $ 130 150 120 137 125 130 127 171 190 120 130 $ 140 160 130 147 135 140 137 181 200 130 140 Solution Price/visit PCP 1 Firs.