Consumed as result of out-of-pocket price reduction

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Reference no: EM13735976

Assume demand for a medical service is given by the equation P = 1000-2Q. Assume the price without insurance is $100, but insurance reduces the consumer’s out-of-pocket price to $50. How many extra services will be consumed as a result of the out-of-pocket price reduction?

Reference no: EM13735976

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