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Write an essay in which you address the following. The average length of the es
Write an essay in which you address the following. The average length of the essay to answer this question should be at least one typed single-spaced page or two double-spaced pages.
Demand 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). Write an essay in which you address the following questions.
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?
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