Explain why people demand health

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Question: Please answer the following questions regarding demand for health care.

• In your own words use utility analysis to explain why people demand health. How does the Law of Diminishing Marginal Utility fit into the analysis?

• How would you expect the price elasticity of demand for medical care to vary with health status? Give a specific example.

Only 250-300 words please, excluding sources. No formal formatting.

Reference no: EM132478035

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