What will happen to his total expenditures on doctor visits

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Suppose that Rob consumes V_0 doctor visits each year at a price of P_0. If the price elasticity of demand for doctor visits is -0.25, what will happen to the number of visits Rob consumes if the price increases by 5%? What will happen to his total expenditures on doctor visits (just the direction, do not need to calculate the exact change in dollars)? What does this say about his demand for doctor visits (e.g. elastic, inelastic)?

Reference no: EM131239035

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What will happen to his total expenditures on doctor visits : Suppose that Rob consumes V_0 doctor visits each year at a price of P_0. If the price elasticity of demand for doctor visits is -0.25, what will happen to the number of visits Rob consumes if the price increases by 5%? What will happen to his total e..

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