Use the following scenario to answer the questions. You are a consultant and have been employed by Urban General, a larg

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Use the following scenario to answer the questions. You are a
consultant and have been employed by Urban General, a large
inner-city hospital, to estimate the demand for its services. Your
research indicates that the income elasticity of demand for the
target market is +0.50; the price elasticity of demand is -0.15;
and the cross-price elasticity of demand with respect to the price
of services at St. Elsewhere, a near-by hospital, is +0.35.
The own price elasticity of demand for services at Urban General
is inelastic.
The own price elasticity of demand for services at Urban General
is elastic.
The services at Urban General and St. Elsewhere are
complements.