Respond to each of the following questions that apply to the economic concepts described in this topic's assigned readings in The Economics of Health and Medical Care.
1: Write the formula for elasticity of demand and describe what it means.
2: How would you expect the price elasticity of demand for health care to vary with health status?
3: Would the demand for health care increase or decrease with an improvement in educational attainment in the community?
4: Studies using macroeconomic data indicate higher income elasticity for health care. Does that make health care an inferior, normal, or superior good? Explain.
5: Describe the components of time cost in health care. Is it time less costly for patients with higher wage rates? Explain.
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