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  3. problem 3 define ownprice elasticity of demand and explain how...

Question: problem 3 define ownprice elasticity of demand and explain how...

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Problem 3 Define own-price elasticity of demand and explain how it is related to the shape of the demand curve. Provide two reasons why the demand curve for medical services is likely to be inelastic with respect to its price if people are sick.
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