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3 if the price of a postoperative followup visit is...

Question: 3 if the price of a postoperative followup visit is...

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3. If the price of a post-operative follow-up visit is reduced from $40 to $30, the number of patients returning for follow up increases from 18 to 25 How does total revenue change in response to the change in price? Is demand for post-operative follow-up visits price elastic, inelastic or unit elastic? (2 points) a. b. If quantity demanded moved from 18 to 20 (instead of 25), by how much does total revenue change in response to the change in price? Is demand for post- operative follow-up visits price elastic, inelastic, or unit elastic? (2 points)

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