question archive a For the following pairs of services, which of the two services would you expect to be more income elastic? More price elastic? Why? (Your answer should demonstrate your understanding of the concept of elasticity
a For the following pairs of services, which of the two services would you expect to be more income elastic? More price elastic? Why? (Your answer should demonstrate your understanding of the concept of elasticity
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a For the following pairs of services, which of the two services would you expect to be more income elastic? More price elastic? Why? (Your answer should demonstrate your understanding of the concept of elasticity.)
i. Surgical services versus allergist services
ii. Heart surgery versus cosmetic surgery
b. Would the opportunity cost of waiting time be higher for higher-income people or lower-income people? Given your answer, for which income group would money price tend to be a smaller portion of the full price?
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