Question

Would you expect the elasticity of demand to be different for hospital care, physician visits, insulin...

  • Would you expect the elasticity of demand to be different for hospital care, physician visits, insulin for diabetes, plastic surgery, mental health care, and emergency room visits?
  • Why or why not?
  • Do you think one is likely to be more elastic than the others? Which one do you expect to me the most (least) elastic?
  • What does the evidence show about elasticity of demand for hospital care, physician visits, mental health care, plastic surgery, and emergency room visits, if anything?
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Answer #1

The elasticity of demand is different for all of them since some of the commodities in this list are essential commodities.

Insulin for diabetes and emergency room visits are examples of completely inelastic goods.(Literally life and death situations)

Hospital care, physician visits and mental health care are all relatively inelastic since they are also essential commodities.

Plastic surgery is the most elastic since it is not an essential commodity in most cases.

The evidence shows the same since more people from economically underprivileged background opt for plastic surgery as compared to all the other services mentioned above.

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