The price elasticity of demand for health care has been

Assignment Help Microeconomics
Reference no: EM13319046

The price elasticity of demand for health care has been estimated to be ?0.2. Characterize this demand as price elastic, unit price elastic, or price inelastic. The text argues that the greater the importance of an item in consumer budgets, the greater its elasticity. Health-care costs account for a relatively large share of household budgets. How could the price elasticity of demand for health care be such a small number?

Reference no: EM13319046

Questions Cloud

Quantity combinations favored by each of the three partners : Larry, Curly, Moe run the only saloon in town. Larry wants to sell as many drinks as possible. Moe wants to make the largest possible profits. Using a single diagram of the saloon's demand curve and its cost curves, show the price and.
Calculate the fraction of vocs in the exhaust : Assume that gasoline is burned with 99% efficiency in a car engine, with 1% remaining unburned in the exhaust gases as VOCs. If the engine exhausts 16 kg of gases (MW = 30) for each kg of gasoline (MW = 100)
Describe what might be required from a worker : How might Andrew be supported or assisted to access and use support services and associated resources and describe what might be required from a worker when supporting Andrew according to Organisational policies, protocols and procedures?
Find the pipe friction head loss between the two points : Water flows through a pipe at 14cfs. At a point where the pipe diameter is 18in. the pressure is 30 psi; at a second point, further along the flow path and 2 ft lower than the first, the diameter is 9in. and the pressure is 18psi.
The price elasticity of demand for health care has been : The price elasticity of demand for health care has been estimated to be ?0.2. Characterize this demand as price elastic, unit price elastic, or price inelastic.
Calculate how much heat must be added in the scenario : What is the theoretical maximum amount of work that could be done by a gas in a piston expanding from 10 L to 20 L (pressure of the surrounding atmosphere is 100 KPa)
Calculate the values of mpc : Suppose a four sector economy C=200+0,65Yd calculate the values of MPC, MPM, MPT
Acknowledge own strengths and self-care capacity : How could Jack be supported to identify and acknowledge his own strengths and self-care capacity?
How many liters per day of captured rain water are necessary : A paper mill releases 1 m^3/s of treated effluent at 75 C, which is mixed with captured rain water at 13 C before it is released to a nearby river. Regulations dictate that the effluent discharge cannot be over 20 C.

Reviews

Write a Review

Microeconomics Questions & Answers

  How many groschens should the council charge

The council decides to allow a boat to fish in the lake only if its owner buys a fishing licence. To maximize total profit (of citizens and council), how many groschens should the council charge for a licence?

  Explain if outsourcing will continue for u.s. companies

Do you think that nearshoring or outsourcing will continue for U.S. companies? B. Identify a legal job that you would not accept on moral grounds? C. Identify a U.S. company that operates in a foreign country whose assets were confiscated. Explain..

  Define explicit functions of the federal reserve

Which of the following is not one of the explicit functions of the Federal Reserve granted by Congress.

  Determine how much tax revenue is generated by the tax

Determine how much tax revenue is generated by the tax and what the tax incidence on tax is on consumers and producers. need to indicate new price points and quantities.

  What evidence might be bring to the hearing

Antitrust authorities at the Federal Trade Commission are reviewing your company's recent merger with a rival firm. The FTC is concerned that the merger of the two rival firms in the same market will increase market power.

  What is meant by fractional reserve banking

What would be the effect if the rate is lowered to 4%, or raised to 9%? Why would the federal reserve change these rates?

  Implications of the market for kidneys

Kidney's are not allocated by markets. Discuss the pros and cons of switching to a market for kidneys. Currently, people can volunteer to donate one of their two kidneys,

  How doesit affect the individual consumer

What is a government budget deficit How does a federal budget deficit affect the economy Howdoes it affect the level of investment and interest rates How doesit affect the individual consumer

  Find increase in the quantity willingly provided at price

An increase in _____________ is an increase in the quantity willingly provided at any price, or (equivalently) a decrease in the price necessary to bring forth any particular amount to the market? An decrease in price in one market will (all else ..

  What principles of economics relate to the decision

Critical Thinking: Last year Congress passed a bill creating a new national health care system that is not yet fully explained. What principles of economics relate to this decision

  New equipment options

A refuse recycling operation is considering installing some additional magnetic sorting equipment which will protect the processing equipment from damage. Three alternative systems have been identified, each of which is estimated to save the compa..

  What are the values and interpretations of the slack

Southern Oil Company produces two grades of gasoline: regular and premium. The profit contributions are $0.30 per gallon for regular gasoline and .50 per gallon for premium gasoline.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd