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Answer with graphs. Consider the approximation of the welfare loss due to inter-area deviations from the correct rate of care. All else equal, which procedures

Answer with graphs. Consider the approximation of the welfare loss due to inter-area deviations from the correct rate of care. All else equal, which procedures would yield the largest welfare losses:

1) those with low price elasticities in absolute value or 2) those with high price elasticities in

absolute value? Explain in detail why?

(The Economics of Health and Healthcare (Sherman Folland, Allen Goodman, Miron Stano)

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