Suppose that in a month the price of oranges increases from $.75 to $1. At the same time, the quantity of oranges demanded decreases from 100 to 80. The price elasticity of demand for oranges (calculated using the initial value formula) is:
A. 0.75.
B. 0.6.
C. 0.25.
D. 20.
Answer: B
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A. is designed for those persons 65 years of age and older. B. has increased due to expanded eligibility. C. covers all medical expenses that a poor person may incur. D. requires a substantial co-payment that has not been helpful to poor families.
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