Is there a need for free urgent care clinics in downtown detroit? What is the evidence that this is a need? Are there similar products or substitutions available and is it possible to observe prices of similar products? Does demand appear to be relatively elastic?

Which price elasticity of demand values or range of values do we see most frequently in the real world?

The effect of health insurance drug coverage on prescription drug spending depends on the elasticity of demand for prescription drugs with respect to price. True or false.

Draw a graph of a perfectly inelastic demand curve. Use the line drawing tool to graph a perfectly inelastic demand curve. Properly label this line. Carefully follow the instructions above, and only draw the required objects. The drug insulin is one example of a product that would have a perfectly inelastic demand curve. Quantity

if there is a decrease incomes of consumers,demand for head&shoulder shampoos will increase. True or False?

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 do these estimates mean?

Is elasticity important in the analysis of the market? Why?

Use the following information to calculate the elasticity of demand for primary care visits: initially a clinic visit cost $25 per visit and the clinic saw approximately 60 people per day. The clinic decided to raise price to $35 per visit and the number of people using the clinic fell to 50 people per day. Calculate the price elasticity of demand and indicate whether increasing the price was a good business decision.

Use a graph to illustrate how the following changes would affect the demand curve for inpatient services at a hospital in a large city.                            a. Average real income in the community increases. b. A number of physicians in the area join together and open up a discount-price walk-in clinic; the cross-price elasticity of demand between physician services and inpatient hospital services is –0.50.

under what circumcstances can you advise one to use the percentage method and the mid point method in measuring price elasticity of demand?