Answer:
Quantity demanded would change the fastest in the market for minor surgeries
Step-by-step explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
The demand for minor surgeries is elastic while the demand for major surgeries is inelastic.
If supply increases in each of these market, it means that there are more doctors available to perform surgeries. This would lead to a rightward shift of the supply curve. As a result, price would reduce.
Because demand is elastic in the market for minor surgeries, the reduction in price would lead to a greater increase in demand for surgeries
While, in the market for major surgeries, there would be little or no change in the demand
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Quantity demanded would change the fastest in the market for minor surgeries