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Compared to other professions what degree of elasticity would you expect to find in healthcare? Assume that the elasticity of substitution,Es, between doctors and nurses
Compared to other professions what degree of elasticity would you expect to find in healthcare?
Assume that the elasticity of substitution,Es, between doctors and nurses has a value of 0.6. How much would the relative price between doctors and nurses change?
How many physicians would be replaced? How many nurses would be hired?
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