Discuss how market failures can occur in the provision of healthcare

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H‌‍‍‍‌‍‍‌‌‍‍‍‌‍‍‍‍‌‍‍ello! For this assignment I need to make 2 essays in which I answer 2 microeconomic questions. Each essay needs to be 1200 words long. The two questions I need to answer are: 1. ‘Received microeconomic theory presumes rational consumers maximize utility over all commodity bundles. Recent analysis, however, suggests that a consumer’s status quo may limit economic rationality […]’. Discuss those two sentences by making reference to the relevant microeconomic theory and using two or mo‌‍‍‍‌‍‍‌‌‍‍‍‌‍‍‍‍‌‍‍re economic applied examples to explain how the status quo affects consumers’ choices. 2. Discuss how market failures can occur in the provision of healthcare. Does the existence of market failures mean that healthcare should be provided by the government? Reason your answer. This is the main thing. For the references I need you to use 6 for each essay, so 12 in total. I’ll attach below a word file from our teacher in which he explains more in detail what do we need to write. Tha‌‍‍‍‌‍‍‌‌‍‍‍‌‍‍‍‍‌‍‍nk you!

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