I’m trying to study for my Economics course and I need some help to understand this question.
When it comes to life saving drugs, one would expect them to be 100% inelastic. But in reality, even though they are inelastic, it’s not hundred percent.
In a short essay explain the factors that contribute to inelasticity of such drugs and the factors the contribute to elasticity of them.
Please add references and in-text citations.
Minimum 500 words
Managerial Economics & Business Strategy, 9th ed.
Michael R. Baye & Jeff Prince
McGraw-Hill Irwin, 2016