This is a little long, but I need help figuring it out. I see other questions close to this one, but not exactly, so I'm confused.
Suppose you are collecting data from a country like Japan where the government sets the price of health care. Each prefecture in Japan has a different set of prices.
-Table 2.2 Outpatient utilization in Tokyo & Hokkaido, 1999
Region: Oupatient visits Price per visit
Tokyo 1.25/month 20 yen
Hokkaido 1.5/month 10 yen
A) What is the arc price elasticity of demand for healthcare consumers in japan?
B) Suppose that incomes are generally much higher in Tokyo than Hokkaido. Is your answer to the last question an overestimate or underestimate of price elasticity? Justify your answer.
C) Using your estimated elasticity, what would the demand for health care be if the price in Tokyo was raised to 30 yen per visit? What would the demand in Hokkaido be ifthe price were lowered to 5 yen per visit?
D) Calculate the price elasticity of demand for health care in Japan using only data from year 2000:
Tokyo 1.0/month 30 yen
Hokkaido 1.2/month 15 yen
E) use data from both years to calculate the elasticity of demand for health care for each city seperately.
F) Using your estimated elasticities, what would the demand for health care in each prefecture be if the price were raised to 60 yen per visit next year for coth cities?
G) Combine the estimates to get a single esti,ate of the price elasticity of health care demand for all of Japan. Assume that Tokyo is 5 times the size of Hokkaido.
***I know this is long, but I do need help and understanding on this. Thank you!!
This is a little long, but I need help figuring it out. I see other questions...
Need help, YOU DONT HAVE TO DO A OR B. I understand those. Its mainly D through G that I have trouble with. Feel free just to do those. Suppose you are collecting data from a country like Japan where the government sets the price of health care. Each prefecture in Japan has a different set of prices (for example, Tokyo has higher prices than rural Hokkaido). Data for 1999 is displayed in Table 2.12 11 Table 2.12. Outpatient utilization...
Suppose you are collecting data from a country like Japan where the government sets the price of health care. Each prefecture in Japan has a different set of prices (for example, Tokyo has higher prices than rural Hokkaido). Data for 2015 is displayed in Table 1. What is the arc price elasticity of demand for health care consumers in Japan (using only this data)? Suppose that incomes are generally much higher in Tokyo than Hokkaido. Is your answer to the...
I have mostly completed this question. Need help on whether or not my work is correct, and help on blank ones 11. Suppose you are collecting data from a country like Japan where the government sets the price of health care. Each prefecture in Japan has a different set of prices (for example,Tokyo has higher prices than rural Hokkaido).Data for 1999 is displayed in Table 2.12.) a. What is the arc price elasticity of demand for health care consumers in...
Need help, please show work Suppose you are collecting data from a country like Japan where the government sets the price of health care. Each prefecture in Japan has a different set of prices (for example, Tokyo has higher prices than rural Hokkaido). Data for 1999 is displayed in Table 2.12. 11 Table 2.12. Outpatient utilization in Tokyo and Hokkaido, 1999. RegionOutpatient visits Price/visit Tokyo 1.25/month Hokkaido 1.5/month 20Y 10¥ What is the arc price elasticity of demand for health...
(12 points) Suppose you are collecting data from a country like Japan where the government sets the price of health care. Each prefecture in Japan has a different set of prices. Data from 1999 are displayed in the following table: Outpatient visits 1 per month 2 per month Price per visit Region Tokyo Hokkaido 25 yen 15 yen a. What is the arc price elasticity of demand for health care in Japan based on these data? b. Suppose that incomes...
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This is all i was given for the problem. Can anyone help me? Homework Questions: Problem #1: Elasticity. Demand and Sunnly and Modeling Competitive Markets (0 points) One of the more useful applications of an elasticity is the ability to determine supply and dema ply and demand curves using the elasticity and one other point along the demand or supply curve, usually the equilibrium point. This property of elasticities makes them very useful in constructing economic models, because we usually...
Hello I need help with questions 2 until question 9 if you can do that for me thanks. I need to see all work and answers clearly. Thanks for the help I know it’s a lot but I really need help with this it’s a project that’s due tonight. Thanks ! 27 27889.0526471 10.12 1.09 28 SUMMARY OUTPUT 29 30 Regression Statistics 1 Multiple F 0.986442 32 R Square 0.973068 33 Adjusted 0.967681 34 Standard I 32.55341 35 Observati 36...
Hello I need help with questions 2 until 9 if possible. If you can please show all work and answers clearly. Thanks for all the help have this project that’s due tonight so I need help on thanks. 27 27889.0526471 10.12 1.09 28 SUMMARY OUTPUT 29 30 Regression Statistics 1 Multiple F 0.986442 32 R Square 0.973068 33 Adjusted 0.967681 34 Standard I 32.55341 35 Observati 36 37 ANOVA 38 39 Regressio 40 Residual 41 Total 42 43 44 Intercept...