Identifying types of doctor visit as more or less elastic and estimating the price elasticity of demand.
Suppose Betty's demand for physician visits is Q = 10 - (0.20 * P)
a. Draw Betty's demand curve
b. What is the quantity demanded at a price of $10 per visit? $25 per visit?
c. At what price will she buy four visits? Eight visits?
d. Illustrate what is the elasticity of between a price of $5 and $6 per visit? Between a price of $29 and $31?