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5. Consider the market for cosmetic surgery. Using a standard supply and demand diagram, draw the supply and demand curves for cosmetic surgery services and identify the equilibrium price and quantity of cosmetic surgery services. For each of the following events adapt your initial diagram to illustrate the appropriate changes given this event and answer these questions. Does the supply curve or the demand curve shift and in which direction? What affect will the stated change have on the market for cosmetic surgery services in terms of price (P) and quantity (Q) a. Heal th insurance coverage is expanded to cover all elective procedures, such as tummy tucks, nose jobs, etc.

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