For which of the following medical goods or services is the income elasticity of demand largest?
a. emergency services after a car accident
b. measles shots
c. physical examinations for life insurance applications
d. medical tests to diagnose specific symptoms
e. face-lifts
E
Economics
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Consumers who are more sensitive to changes in price suffer a greater loss of consumer surplus from any given price increase
Indicate whether the statement is true or false
Economics
Suppose the goal of a union is to maximize the total income of all workers it represents. In this case it will probably aim for a wage at which the elasticity of demand for workers is
a. 0. b. infinite. c. 1. d. ranging from 2 to 5.
Economics