Distinguish between demand and quantity demanded. Indicate how each of the following factors will change the individual
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Question:
Distinguish between demand and quantity demanded.
- Indicate how each of the following factors will change the individual demand curve for aspirin tablets:
- an increase in income
- an increase in the price of Tylenol (a substitute)
- an increase in the price of bottled water (a compliment)
- an increase in the number of people with headaches
- the discovery that aspirin, if taken regularly, reduces the severity of heart attacks
Determine how each of the following factors would shift the demand curve for chiropractic visits:
- an increase in the out-of-pocket price of chiropractic visits
- an increase in back problems
- a reduction in the out-of-pocket price for chiropractic visits
- an aging of the population
- an increase in the out-of-pocket price of back surgery (a substitute for chiropractic services)
- a reduction in the price of radiographs (a complement of chiropractic services)
- an advertising campaign that makes people more aware of the benefits of chiropractic care
Determine how each of the following factors would shift the demand for home care:
- an increase of $10 in the price per day charged by nursing homes, with the government picking up the entire price increase
- an increase, from $12 to $15, in the price paid out-of-pocket by users of home care
- an increase in the number of people being discharged early from hospital
- an increase in productivity among home care providers
- an increase in the percentage of low-income people in a given population.
Related Book For
Microeconomics
ISBN: 978-0321866349
14th canadian Edition
Authors: Christopher T.S. Ragan, Richard G Lipsey
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