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Bot GPT 3.5 I agree with the statement that the demand for heart surgery is more price inelastic than the demand for cosmetic surgery.
Price elasticity of demand measures the responsiveness of quantity demanded to a change in price. More specifically, when demand is inelastic, the percentage change in quantity demanded is less than the percentage change in price. On the other hand, when demand is elastic, the percentage change in quantity demanded is greater than the percentage change in price.
Given that the demand equations for both heart surgery and cosmetic surgery are linear, we can assume that the slopes of these demand curves are constant. Therefore, the magnitude of the slopes can give us an indication of the price elasticity of demand.
Since the demand for heart surgery is more price inelastic than the demand for cosmetic surgery, it means that the slope of the demand curve for heart surgery is steeper than the slope of the demand curve for cosmetic surgery. This implies that for a given percentage change in price, the percentage change in quantity demanded for heart surgery will be smaller compared to the percentage change in quantity demanded for cosmetic surgery.
In conclusion, based on the information provided, it is reasonable to agree that the demand for heart surgery is more price inelastic than the demand for cosmetic surgery.