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- Suppose you have two persons, one with more elastic demand for medical care than the other. If they both obtain identical health insurance coverage (or both have their % of costs paid by insurance increased), whose demand will be affected most? Given what you know about relative demand for MC for well vs. ill individuals, more educated vs. less educated persons, and wealthy vs. less wealthy individuals, which of each pair will have the greatest increase in demand under health insurance?Drug interdiction, which reduces the supply of drugs, may decrease drug-related crime because the demand for drugs is inelastic. O True O FalseEnergy markets, such as the market for natural gas and electricity, have been known to be characterized by inelastic demand. However, recent research discussed in the August 25, 2022 issue of The Economist, indicates that while the responsiveness of quantity demanded in response to price changes indeed is “inelastic” (i.e., the absolute value of price elasticity of demand is still less than 1), the percentage change in quantity demanded in response to a change in price is much larger than earlier research indicated. Answer these narrative questions. No graphs are needed. What does “inelastic demand” formally mean? In addressing this part of the question, please make sure to explain the concept of the price elasticity of demand using a simple formula and by providing a short narrative. Policymakers are encouraging people to conserve energy in response to the growing energy crisis. Discuss the positives (pros) and negatives (cons) of providing subsidies to consumers in this situation…
- The consumer demand equation for tissues is given by q = 11,664 −216 p +p2, where p is the price per case of tissues and q is the demand in weekly sales. Determine the price elasticity of demand E when the price is set at $24. (Round your answer to three decimal places.)E =In case the two commodities are good substitutes, cross-elasticity will beIndicate whether the statement is true or false, and justify your answer.Unlike the usual measure of elasticity, an arc elasticity can be calculated from just one price–quantity data point.
- IS THIS ANSWER CORRECT The price elasticity of demand for bread is computed as the percentage change in quantity being demanded with respect to the percentage change in price. Hence, option A is correct. When there is a new product that is a close substitute for bread, the price elasticity of demand for bread would be higher. Hence, option B is correct. When the bread is considered to be a necessity good, the price elasticity of demand for bread would be higher. Hence, option C is correct. Hence, the correct option is D.The effect of health insurance drug coverage on prescription drug spending depends on the elasticity of demand for prescription drugs with respect to price. True or false.Suppose you are the manager of the state transport company and your finance officer has just told you that the company is making losses .To reverse the losses been made by STC,your decide to cut transport service to certain destination but your board of directors do not want you to cut service,which means that you cannot cut costs.Your only hope is to increase revenue. You result the economist on your staff who has researched studies on public transportation elasticity and she reports that the estimated price.Elasticity of demand for the first few month after a price change is about -0.3 but the that after several year ,it will be about-1.5
- Which of the following types of healthcare services has demonstrated the greatest variability in demand over time? A. Inpatient discharges B. Physician visits C. Long-termcare services D. Cosmetic surgeryThe question has three parts 1. Graph( attached as an image) 2. graph (attached as an image) 3.According to the midpoint method, the price elasticity of demand between points A and B is approximately.............................(0/0.6/1.67/75.02). Suppose the price of bikes is currently $200 per bike, shown as point A on the initial graph. Because the demand between points A and B is......................( elastic/inelastic/unit elastic), a $25-per-bike decrease in price will lead to............................(a decrease/an increase/no change) in total revenue per day. In general, in order for a price increase to cause a decrease in total revenue, demand must be......................( elastic/inelastic/unit elastic).Demand studies in health care have provided estimates of both income and price elasticity. Estimates of income elasticity are usually above +1.0 and estimates of price elasticity typically range between −0.1 and −0.75 (with hospital services at the lower end and elective services at the upper end). What is the significance of these estimates to policy makers?