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What would happen in the market for laser eye surgery if insurance companies started to cover...

What would happen in the market for laser eye surgery if insurance companies started to cover a portion of the price of voluntary procedures? Provide a graphical representation to your answer in question 7. The graph can either be hand-drawn or copied from the textbook or other online sources.

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Answer #1

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This change will result in more demand for the operations as individuals would benefit from the insurance claim and would be persuaded to undergo operations if they require laser eye surgery.

The diagram is given below:-

Here D' will be the new demand which will result in an overall increase in the price. However, a decent proportion of the increase will be covered by the insurance industry.

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