Please answer the following questions regarding demand for health care. 

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Please answer the following questions regarding demand for health care.

  • In your own words use utility analysis to explain why people demand health. How does the Law of Diminishing Marginal Utility fit into the analysis?
  • How would you expect the price elasticity of demand for medical care to vary with health status? Give a specific example.

ONLY 250-300 words please, excluding sources. No formal formatting. Thanks!

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