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Consider the following equation that represents demand for health services (H) and another good (N), and Y represents the level of income.
QH=250,000 - 500PH + 1.50Y - 240PN
The expected value of the variables is PH = $200, Y = $60,000, and PN =100
What is the level of quantity demanded?
What is the price elasticity of demand for health services?
What is the cross-price elasticity between H and N?
What is the income elasticity of demand?
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