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4. Both Rand Health Insurance and Oregon insurance experiment evaluate the role of prices on the quantity demanded of health
1. Refer to the table below for questions 1 to 3: X Values Y Values 0 1 4/3 30 The Y-intercept is a. 2 b.-2
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Answer #1

1. General equation of straight line -- Y=mX+C at Y=0 ,X=3 gives 0=3m+C or C=-3m now equation becomes Y=mX-3m at X=1 ,Y=4/3 so 4/3=-2m hence m=-2/3 now equation becomes Y=-2/3X+2 so ag X= 0 Y intercept is +2 hence option a is correct

4. Elasticity is the ratio of change in demand to change jn price elasticity is high when the demand is responsible to change jn prices and vice versa is inelastic when demand is irresponsible to change in price hence, demand can not be responsible and inelastic and irresponsible and elastic at the same time so option d is correct since demand is irresponsibe when inelastic

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