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Given the following data on the number of customers buying BlueCross/BlueShield health insurance with respect to its price (see table below), calculate the price elasticity
Given the following data on the number of customers buying BlueCross/BlueShield health insurance with respect to its price (see table below), calculate the price elasticity of demand for health insurance when price decreases from $800 to $600.
Insurance Price | Number of Customers |
$900 | 5 |
$800 | 10 |
$700 | 20 |
$600 | 35 |
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