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Homework questions: Demand of office visits with cardiologists in Fairfax in 1 week. Assume no insurance
Price Demand
140 1000
130 1100
120 1200
110 1300
100 1400
90 1500
80 1600
70 1700
60 1800
50 1900
2. Based on the demand schedule shown above, calculate the Price Elasticity of Demand between a price per office visit of $80 and $90. Use the arc elasticity formula. Show your work.
3. Based on the demand schedule shown above, calculate the Price Elasticity of Demand between a price per office visit of $120 and $130. Use the arc elasticity formula. Show your work.
4. In one sentence describe what your answers to questions 2 and 3 mean in non-technical language (for example, imagine that you have to describe your answers to someone who does not know economics). Be precise when interpreting the numbers you calculated.
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