Question

Topic : Health care Review the determinants of demand and the elasticity of demand for the...

Topic : Health care

Review the determinants of demand and the elasticity of demand for the product(s) of your company. Relate the projection of future demand to the strategic plan of your company, and any other previous sections of the paper being produced.

Attention: Please answer in the form of a paragraph, no bullet points, or numerical and I will rate. Thank you in advance

I will give a thump down if the answer is not in a paragraph form.

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Answer #1

We can devide Healthcare good into two categories. a) Essential Good b) Non essential good.

Essential goods are those goods which are compulsory for you to live and without having that good you may die. Ex. Insulin for controlling the sugar levels in the blood. For this type of good the demand does not decrease even the price gone high.

Non Essential goods are those goods which are not compulsory for you. For example Paracetamol Tab for Normal fever. For normal fever you do not need it necessarily to take that Tab. The body temperature automatically can come down even without having it. For this type of good if the price gone high, the demand will decrease and vice versa.

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