Average visit per week equal 640 when the copayment is 40, Ask an Expert

Economics

Average visit per week equal 640 when the copayment is $40 and 360 when the copayment is $60.

A. Calculate the percentage change in visits, percentage change in price, and price elasticity of demand using 640 and $40 as the denominators for percentage change calculations.

B. Calculate the percentage change in visits, percentage change in price, and price elasticity of demand using 360 and $60 as the denominators for percentage change calculations.

C. Calculate the percentage change in visits, percentage change in price, and price elasticity of demand using 500 and $50 as the denominator for percentage change calculations. (This calculation funds finds the arc elasticity.)

D. How do your answers differ?

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M91409197

Have any Question?Write your Review or question?

Related Questions in Business Economics

Under what circumstances would lras and sras have the same

Under what circumstances would LRAS and SRAS have the same slope?

What is the market price of a bond if the face value is

What is the market price of a bond if the face value is $1,000 and the yield to maturity is 6.2 percent? The bond has a 5.75 percent coupon rate and matures in 12.0 years. The bond pays interest semiannually.

A researcher is interested in comparing the sample of

A researcher is interested in comparing the sample of inmates' level of impulsivity to the general population's average level. The researcher has both the sample mean (M = 33.49) and the population mean (µ = 31.7) for th ...

Cnsider taking a random sample from a nmicrosigma 2

Consider taking a random sample from a N(µ,σ 2 ) distribution. Consider testing the hypothesis H0 : µ = 63 versus the alternative HA : µ 6= 63. Suppose that a random sample of size 16 is taken, σ is known to be 8, and th ...

For the pastnbsp110nbspyears a certain state

For the past 110 ?years, a certain state suffered 28 direct hits from major? (category 3 to? 5) hurricanes. Assume that this was typical and the number of hits per year follows a Poisson distribution. Complete parts? (a) ...

A monopolist faces a market demand curve given by py 100 y

A monopolist faces a market demand curve given by P(y) = 100 y. Its cost function is c(y) = y 2 + 20. (a) Find its profit - maximizing output level y and the market price p(y ). (b) Calculate its total revenue, total cos ...

Since this in an empirical question that means that 68 is

Since this in an empirical question that means that 68% is in the middle and on the outer sides are the difference? The median life span of a mouse is 118 weeks Would you expect the life-span to be normally distributed? ...

What are the key principles and tenets that any educated

What are the key principles and tenets that any educated person should know regarding the science of economics and their applicability in the world today?

A student raises her hand in class and states i can legally

A student raises her hand in class and states, "I can legally copy any DVD I get from Netflix because Netflix purchased the DVD and the copyright only applies to the company who purchased the product." Explain whether th ...

How do you find the sum of x and y values combined when you

How do you find the sum of X and Y Values combined when you are doing linear correlation coefficient?

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert