Posted by Rosa on Tuesday, January 19, 2010 at 12:41am.
b
b
The price elasticity of demand for cigarettes is estimated to be (-.4) and the income elasticity is about (+5).
a- Suppose the government impose a tax on cigarettes so the price rises by 10%. Estimate the effect this price increase will have on cigarettes consumption and consumer spending on cigarettes. (both in percentage terms)
Suppose hospital (A) has 500patients/day and average cost of operation is $1500/day. Hospital (B) has 300 patients/day and average cost of $600/day. Hospital (C) has 100 patients/day and average cost of $600/day. What can you say about the most efficient size of hospital? Explain the reasons for this choice of hospital size. Illustrate your answer with a graph.
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