If million people are insured, then the price elasticity of demand for health insurance is?

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08-09-2022
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If million people are insured, then the price elasticity of demand for health insurance is?

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qwterabite qwterabite · Answer 1 · 2022-09-15T10:21:34+02:00

Recent research has evaluated that the demand for insured health services is inelastic to price.

The measure of the response of a consumer to a change in the price of a product is called the elasticity of demand. Most of the estimation of the price elasticity of demand for health insurance is about –0.2.Most of the estimated price elasticities differ by the type of the services such as the insured consumers cutting back on their overall health spending by 2 percent in response to a 10 percent increase in the price of health insurance, whereas Low-income consumers are sensitive to the changes in the price of the insurance, and they experience more negative consequences from higher cost sharing.More recent studies have claimed that there are service-specific differences in the price elasticity of demand.

To know more about the elasticity of demand refer to the link https://brainly.com/question/23301086?referrer=searchResults.

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