Based on the data presented in the table below estimate elasticity of demand for two price changes: a) price increase from $3 to $9 per hour; and b) price decrease from $9 to $3 per hour. Make sure to use the midpoint formula. Price Per Hour of Therapy Demand for Therapy 0 16 1 15 2 14 3 13 4 12 5 11 6 10 7 9 8 8 9 7 10 6 11 5 12 4 13 3 14 2 15 1 16 0
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Based on the data presented in the table below estimate
Price Per Hour of Therapy | Demand for Therapy |
0 | 16 |
1 | 15 |
2 | 14 |
3 | 13 |
4 | 12 |
5 | 11 |
6 | 10 |
7 | 9 |
8 | 8 |
9 | 7 |
10 | 6 |
11 | 5 |
12 | 4 |
13 | 3 |
14 | 2 |
15 | 1 |
16 | 0 |
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- Based on the data presented in the table below estimate elasticity of demand for two price changes: a) price increase from $3 to $9 per hour; and b) price decrease from $9 to $3 per hour. Make sure to use the single point elasticity equation formula. Price Per Hour of Therapy Demand for Therapy 0 16 1 15 2 14 3 13 4 12 10 5 11 6 10 7 9 8 8 9 7 10 6 11 5 12 4 13 3 14 2 15 1 16 0Discuss what is known about price elasticities of demand for various health care servicesDemand studies in health care have provided estimates of both income and price elasticity. Estimates of income elasticity are usually above +1.0. Estimates of price elasticity typically range between -0.1 and -.75 (with hospital services at the lower end and elective services at the upper end). What information do these estimates convey? What does the price elasticity of demand estimates imply for government policymakers, insurance companies, and medical providers' decisions? What does the income elasticity of demand estimates imply for government policymakers, insurance companies, and medical providers' decisions?
- Suppose the income elasticity of demand for health care insurence is 0.3. If the level of income decreasesd by 1 percent , The demand for health insurence will 1.rise By.29 percent 2.rise by 0.3 percent 3.Fall by .29 percentComment on the elasticity of demand for medicineConsidering Healthcare price elasticity, would it be a good idea to implement a price increase on medical products?
- Suppose a household's income rose from 45k to 60k while their spending on health increased from 2k to 5k. 1. What is the income elasticity of demand for health? 2. What does this income elasticity of demand mean for this family?Sources of data for Market failure in health.Suppose that a study finds that the price elasticity of demand for MRI's is 0.3 (in absolute value). If the price of care were to ___ by 3%, we would expect the quantity of preventative care consumed to fall by ____%. Suppose that a study finds that the price elasticity of demand for MRI's is 0.3 (in absolute value). If the price of care were to ___ by 3%, we would expect the quantity of preventative care consumed to fall by ____%. a. fall; 0.3% b. rise; 0.9% c. rise; 0.3% d. fall; 0.9%
- In the context of regulating new drugs, a type I error occurs when and a type II error occurs when A bad drug gets rejected and does not go on the market; a good drug gets approved for sale A good drug gets rejected and does not go on the market; a bad drug gets approved for sale A good drug gets approved for sale; a bad drug gets rejected and does not go on the market A bad drug gets approved for sale; a good drug gets rejected and does not go on the marketexplain what implications physician-induced demand has for healthcare policyThere is a consensus among health economists that socioeconomic status (SES) has a major impact on health, but health does not have a significant effect on SES. True False