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You will be taking care of a patient in a nursing home for the first time. Your assignment is to care for an older man who has heart disease. In addition, he has five other medical problems and takes 20 medications. While developing a plan of care for this patient, you can identify 8 to 10 nursing problems. You have no previous experience with nursing homes, and most of what you have heard and read about them is negative. Will you find yourself dreading the clinical day and expecting a negative experience before you even begin?
Price Elasticity
An indicator of the degree to which consumers' demand for a product is affected by fluctuations in its price, showing how sensitive buyers are to changes in cost.
Perfectly Elastic Demand
A market situation in which demand for a product is infinitely sensitive to changes in price.
Inelastic Demand
A situation where the demand for a product or service does not significantly change in response to price alterations.
Elasticity Value
A measure in economics indicating how the quantity demanded or supplied of a good responds to changes in price or income.
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