2) If the elasticity of demand for face lifts is - 2.4. You can say that demand
ID: 1222948 • Letter: 2
Question
2) If the elasticity of demand for face lifts is - 2.4. You can say that demand for this service is--> a. elastic b. inelastic c. unitary elastic
3) When abdominoplasty costs were $6,000, Dr. Hurwitz treated 300 patients. When they increased the price to $6,400, customers decreased to 250. What is the elasticity of demand for abdominoplasty using arc elasticity or the midpoints formula (rounded-off to 2 decimal places)? a. -31.0 b. -0.032 c. -0.003 d -2.82 e. -341.0
4) based off number 3; is this inelastic/elastic/unitary elastic/none
5)In terms of raising revenue as a goal: A) the doctor was correct in raising price. B) doctor was wrong in raising price C) revenue would not change if doctor raises or lowers price D) none
6) Which has been decreasing through time in the US? A) share of government insurance in paying health expenditures B) per fapita health expenditures in the US C) share of out of pocket in paying health expenditures D) share of private insurance in paying health expenditures E) a and d
7) In general the demand for a good with a lot of substitutes will be more ___________ than the demand for a good with less substitutes = A) elastic B) inelastic C) unitary elastic D) none
8) The elasticity of a perfectly inelastic curve is A) infinity B) equal to 1 C) equal to -1 D) zero
9)A major finding in the randomized RAND study discussed in class is A) copays are positively related to usage of health care services B) copays are negatively related to usage of health care services C) more usage of health care services overwhelmingly lead to better health outcomes D) lower copays overwhelmingly lead to better health outcomes E) c and d
10) Why is Medicare insulated from recessions? A) because most of itsm embers are young enough and are expected to find jobs B) because most of its members will lose their jobs during recession C because most of members are required to have very low income to qualify D all the above D none
11)Total time is divided among (ALL the components):
Working time
- Time to consume health or health improving goods and services like binge-drinking, abusing pain medication, and consuming methampetamines
- Time to enjoy non-health related goods and services
- Sick time
B)
Working time
- Time to consume health or health improving goods and services
- Time to enjoy non-health related goods and services
- Sick time
C)
Working time
- Time to consume health or health improving goods and services
- Time to enjoy non-health related goods like exercising in the gym with friends
- Time to enjoy being Sick
D) - Working time
- Time to consume health or health improving goods and services
- Time to enjoy non-health related goods and services
- Time for TV binge watching
E) none
D) - Working time
- Time to consume health or health improving goods and services
- Time to enjoy non-health related goods and services
- Time for TV binge watching
E) none
Explanation / Answer
2)
elasticity of demand for face lifts is - 2.4 , the negative sign here means the demand and price are inversly related. So in general this value is 2.4 that refers to the point when there is 2.4% change in quantity for 1% change in price so which shows elasticity of product to price.
So answer will be elastic.
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