The Price Of Plastic Surgery - 801 Words

1. What implicit assumptions are the publisher and the analyst making about price elasticity? USA Today management assumes that the price is elasticity for all newspapers is the same, so publishers sees it as elasticity of demand is elastic. The analyst assumes that the price elasticity for USA is different than the Wall St Journal, in other words people will continue to buy it at a higher price, so the analysts sees it as elasticity of demand in inelastic. Assume that the demand for cosmetic or plastic surgery is price inelastic. Are the following statements true or false? 2. A. When the price of plastic surgery increases, the number of operations decreases. True, price quantity are inversely related B. The percentage change in the price of plastic surgery is less than the percentage change in quantity demanded. False, If the percentage change in the price is smaller than the percentage change in quantity demanded the demand is elastic demand. c. Changes in the price of plastic surgery do not affect the number of operations. True. The value of elasticity will be zero. d. Quantity demanded is quite responsive to changes in price. False. the demand is price elastic, or the absolute value of elasticity will be bigger than 1. e. If more plastic surgery is performed, expenditures on plastic surgery will decrease. True. A lower price will decrease total revenue/sales/expenditures if the demand is inelastic. f. The marginal revenue of another operationShow MoreRelatedPlastic Surgery And Its Effects Essay1664 Words   |  7 Pages Each year, the plastic surgery industry brings in $10.1 billion dollars in the United States alone (Goudreau). The surgery itself consists of two types: reconstructive surgery, which â€Å"replaces damaged tissue with healthy tissue from another area of the body† (Lee), and cosmetic surgery, which is the removal or addition of tissue in order to â€Å"make a person look younger or more attractive†(Gregg). 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