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- Comment on the elasticity of demand for medicineAFDETAILS WANEFMAC7 12.6.007. The consumer demand equation for tissues is given by q - (105- p), where p is the price per case of tissues and q is the demand in weekly sales. (a) Determine the price elasticity of demand E when the price is set at $34. (Round your answer to three decimal places.) E- Interpret your answer. The demand is going 2 V by % per 1% increase in price at that price level. (b) At what price should tissues be sold to maximize the revenue? (Round your answer to the nearest cent.) (c) Approximately how many cases of tissues would be demanded at that price? (Round your answer to the nearest whole number.) cases per weekWhat does price elasticity of demand mean for insurance companies and medical providers for making a decision?
- Help me with 11. PleaseWhat does income elasticity of demand mean for insurance companies and medical providers for making a decision?Suppose the income elasticity of demand for health care insurence is 0.3. If the level of income decreasesd by 1 percent , The demand for health insurence will 1.rise By.29 percent 2.rise by 0.3 percent 3.Fall by .29 percent