What is the price elasticity of the physician visit

Assignment Help Business Economics
Reference no: EM131415792

A physician group in Texas has just increased its physician visit fee from 49 to 81. As a result, the volume of the visits has decreased from 2,374 to 614. What is the price elasticity of the physician visit? (hint: using the point estimate formula and keep one decimal space)

Reference no: EM131415792

Questions Cloud

What problems will the researcher encounter : The researcher, delighted with the ‘‘excellent'' fit of the model, eagerly sets out to use it to make inferences. What problems will the researcher encounter in attempting to make inferences?
Examine constitutional protections for defendants prior : You will examine constitutional protections for defendants prior to trial by providing a detailed analysis of the criminal justice process from arraignment to the setting of a trial for a defendant.Your paper must detail how a criminal charge is ..
What is creative destruction : What is creative destruction? Is it important to the economic development?
List five behaviors/skills that would be necessary for child : Identify 5 behaviors that give evidence that initiative has been achieved. List five behaviors/skills that would be necessary for a child to begin school. List 5 obstacles to school readiness
What is the price elasticity of the physician visit : A physician group in Texas has just increased its physician visit fee from 49 to 81. As a result, the volume of the visits has decreased from 2,374 to 614. What is the price elasticity of the physician visit? (hint: using the point estimate formul..
Calculate the level of profits at profit-maximizing level : Given your answer, what is the level of output that maximizes profits. Lastly, calculate the level of profits at the profit-maximizing level of labor and output given that capital is fixed at 81 units.
Our systems of education support an economic agenda : In which ways should our systems of education support an economic agenda? That is, to what extent should these systems prepare people for the job force versus preparing them to think critically?
Describing the medical history : Read the case study given by the professor based on a fictional patient describing the medical history. Assess symptoms. Assess other potential problematic areas of the person's life
International trade : Make a case for and against the acceptance of the Free Trade Area of the Americas (FTAA), which was an agreement proposed to eliminate or reduce the trade barriers among all countries in the Americas, except Cuba. What is the IMF's overall outlook fo..

Reviews

Write a Review

Business Economics Questions & Answers

  Government purchases and net exports change

For each of the following transactions, how much does US GDP increase? And how much, if at all, do consumption, investment, government purchases and net exports change?

  What first cost should be assigned to the existing system

A material handling system was purchased 3 years ago for $120,537. Two years ago it required substantial upgrading at a cost of $14,340. It once again is requiring an upgrading cost of $24,925. Alternately, a new system can be purchased today at a co..

  What roles would need to be filled for the business

Hiring and developing employees can be challenging for owners and managers of a small business venture, especially when these employees may be working in two or more operational areas. Address the following in detail: What roles would need to be fill..

  Marginal rate of substitution of football tickets

Charlie has $ 1000 to allocate between football tickets and movie tickets over the year. The price of each football ticket is $50, and the price of each movie ticket is $10. His marginal rate of substitution of football tickets for movie tickets equa..

  About the slight trouble

A primitive economy uses two inputs, capital and labor, to produce two products, food and shelter. The marginal rate of technical substitution between capital and labor in shelter production is 1/3, while the MRTS for food production is 1. How, if at..

  Qsuppose that a citys energy demand is 30 megawatts during

q.suppose that a citys energy demand is 30 megawatts during off-peak times and 40 megawatts at its peak. the city has

  Project executive of monopolistically competitive firm

You are the project executive of a monopolistically competitive firm. The present demand curve is P=100-4Q . Your total cost equation is C(Q)=50+8.5Q2 , and MC = 17Q a. What level of output should you set to maximize profits? b. What price would you ..

  Irrationality-rising real wage-excessive aggregate demand

"I'd rather have a 1% pay cut when prices fall by 3% than a 5% pay increase when the rate of inflation is 8%." This is an example of: Irrationality, Rising real wage, Deflation always being better than inflation, Excessive aggregate demand.

  Theoretical model of inter temporal budget constraint

The theoretical model of the inter temporal budget constraint for the U.S. economy as a whole suggests that the most common pattern seems to be that: the quantity of?... or the result of?..

  Products affect prices when products are elastic-inelastic

Do you believe that consumers gain less satisfaction as they consume more of a product in a given period? How do you think tax increases on products affect prices when the products are elastic/inelastic? Do sales or luxury taxes hurt some industries ..

  Financial crisis-series of unfortunate international events

Suppose the U.S. economy finds itself in a recession after a recent financial crisis and series of unfortunate international events. If the government wants to stabilize the economy by employing fiscal policy, which of the following policy combinatio..

  Health insurance is characterized by asymmetric information

The market for health insurance is characterized by asymmetric information because:

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