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Author Question: The demand for a service like medical care a. decreases as income increases, indicating that ... (Read 13 times)

charchew

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on: Jul 1, 2018
The demand for a service like medical care
 a. decreases as income increases, indicating that medical care is an inferior good
  b. is completely insensitive to price; that is, demand is perfectly inelastic
  c. is perfectly elastic
  d. is sensitive to the time component of cost
  e. varies directly with the price of that care

Question 2

Requiring Medicare participants to pay a small fraction of the cost of their medical care
 a. reduces the quantity of health care they demand to zero
  b. has no effect on the amount of health care they consume, but does generate revenue for the government
  c. reduces their utilization of health care without compromising their health
  d. actually increases the amount of consumer surplus they receive
  e. amounts to a significant burden for most of those participants


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ebe

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Reply #1 on: Jul 1, 2018
Answer to Question 1

D

Answer to Question 2

C


charchew

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Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

FergA

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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