Calculate the time price elasticity of demand if people reduce their physician visits by 20% when the travel time to get to the nearest physician is increased from 15 to 45 minutes

  -10%

Step-by-step explanation:

  price elasticity of demand = % change in demand / % change in price

Here, the "price" changes from 15 to 45, so its percent change is ...

  ((new value)/(old value) -1) × 100%

  = (45/15 -1) × 100%

  = 200%

The % change in demand is given as -20%, so the price elasticity is ...

  price elasticity of demand = (-20%)/(200%) = -0.10 = -10%

step-by-step explanation:

0

-362

step-by-step explanation:

(12)(4)+2(12)-34(12)+2(12)-3

  \/         \/         \/         \/

  48 +   24 -   408 + 24 - 3

      \   /               \   /

          72     -     432 - 3 = -363