2.What are the likely consequences of the following events in the U.S. market for cosmetic surgery? Does the supply curve or the demand curve shift? In which direction? State whether the equilibrium price and quantity increase, decrease, or stay the same.
a.Health insurance coverage is expanded to cover all elective procedures, such as tummy tucks, nose jobs, and liposuction.
b.Personal finance companies start a nationwide lending program for cosmetic procedures not covered by health insurance.
c.Medical malpractice insurance premiums increase for plastic surgeons.