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

Reference

Managerial Economics & Business Strategy, 9th ed.

Michael R. Baye & Jeff Prince

McGraw-Hill Irwin, 2016

ISBN: 978-1259290619



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *