Per capita income in the county was $45,000, and physician visits averaged 5.0 per person per year.

Question:

Per capita income in the county was $45,000, and physician visits averaged 5.0 per person per year. Per capita income has risen to $49,500. The income elasticity of demand for visits is 0.4. By what percent will visits rise? What will the average number of visits be?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  answer-question
Question Posted: