Explain demand elasticity and supply elasticity On the changes to the private in

Question

Explain demand elasticity and supply elasticity

On the changes to the private insurance market, which were the six changes that occurred in 2010?

Which are the four ACA approved plan levels by actuarial values?

Which is the penalty for those who do not sign up for the individual mandate?

Under the ACA, employers are required to offer health insurance to full time workers. According to the ACA, what is considered affordable health insurance?

How did the Supreme Court validate the argument for a penalty on the individual mandate under the ACA?

Explanation / Answer

Question: Explain demand elasticity and supply elasticity

Answer:

Demand elasticity refers to the responsiveness of demand with respect to changes in price when all other factors remain constant. It shows how consumers will adjust their quantity demanded when there is a change in price and all other factors like their income constant. Demand elasticity is measured by dividing the % change in demand by the % change in price.

Supply elasticity refers to the responsiveness of supply with respect to changes in price when all other factors remain constant. It shows how producers will adjust their production and quantity supplied when there is a change in price and all other factors like material cost and wage are constant. Supply elasticity is measured by dividing the % change in supply by the % change in price.

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