Demand studies in health care have provided estimates of both income and price elasticity. Estimates of income
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Demand studies in health care have provided estimates of both income and price elasticity.
Estimates of income elasticity are usually above
+1.0 and estimates of price elasticity typically range between − 0.1 and − 0.75 (with hospital services at the lower end and elective services at the upper end). What is the significance of these estimates to policy makers?
`1. In what way is insuring for a medical loss different from insuring for any other loss?
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