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For every 10 percent increase in price of health care services, demand falls by 3 percent....

Question

For every 10 percent increase in price of health care services, demand falls by 3 percent....

For every 10 percent increase in price of health care services, demand falls by 3 percent. How much is the own price elasticity of demand for health care?

Please show work with formula

Answers

Price elasticity = % change in quantity demanded / % change in price

Price elasticity = -3/10= -0.3


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