5/5

# Browse Over 3 Million Questions

Let Our Professionals Assist You With Research and Writing.

# IS THIS MEDICAL PRODUCT A NORMAL GOOD OR AN INFERIOR GOOD? She claims that this means your clinic can raise prices and there will be no change in demand for immunizations. Explain whether

## smartessays.net

#### IS THIS MEDICAL PRODUCT A NORMAL GOOD OR AN INFERIOR GOOD? She claims that this means your clinic can raise prices and there will be no change in demand for immunizations. Explain whether she is correct or incorrect.

**The midpoint formula is your friend. Use it “informally” to plug
numbers in for these problems to help with arriving at the correct answer.**

1. Your boss tells you that the price elasticity of demand is
-0.89 for immunizations. She claims that this means your clinic can raise
prices and there will be no change in demand for immunizations. Explain whether
she is correct or incorrect.

2. Your boss tells you that the price elasticity of demand for
hospital services is inelastic and therefore if you change the price there will
be no change in the demand for hospital services. Explain whether she is
correct or incorrect.

3. The price elasticity of demand for a medical service is -0.5.

a. Is demand elastic, inelastic, or unitary elastic – and why?

b. If price increases, what will happen to the quantity
demanded? How do you know?

c. If we reduce prices by 6%, what will be the impact on

d. Will total revenues increase or decrease if we reduce prices?

e. What approximate change in revenues can we expect if price
decreases by 6%?

5. Medical products have an income
elasticity of 0.45.

a. If income increases, what will happen to the quantity

b. Is this medical product a normal good or an inferior good?

c. If we reduce income by 18%, what will be the impact on

The midpoint formula is your friend

PLACE THIS ORDER OR A SIMILAR ORDER WITH CHEAP NURSING TUTORS TODAY AND GET AN AMAZING DISCOUNT

The post IS THIS MEDICAL PRODUCT A NORMAL GOOD OR AN INFERIOR GOOD? She claims that this means your clinic can raise prices and there will be no change in demand for immunizations. Explain whether appeared first on Cheap Nursing Tutors.

## “Place This Order Or A Similar Order With Smart Essays Today And Get An Amazing Discount” (Coupon Code: SAVE15)

##### FREE FEATURES

FREE Reference page
FREE On-time Delivery
FREE Selection of Topics
FREE Unlimited Revisions

# Affordable Writing Service

We guarantee a perfect price-quality balance to all students. The more pages you order, the less you pay.