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Demand for eye exams is inelastic

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Reference no: EM132479955

Last year in a particular market area it is found that 1000 people have their vision checked each year. The average price of the exam is $50.

This year for the first time insurance companies will pay for half the price of the exam, with the patient paying the other half.

Demand for eye exams is inelastic, with an elasticity coefficient of 0.2 between a price of $25 and $50. How many people will now have their vision checked? Show your work.

Reference no: EM132479955

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