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find an example of either induced demand or inelastic demand related to health care and address...

find an example of either induced demand or inelastic demand related to health care and address the following related to the example you chose:

Is the example induced demand or inelastic demand?

How does the demand affect the price of the care?

How does the payment model affect the demand?

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Answer #1

The demand for emergency medicines is price inelastic. This is because when the person is extremely ill then family members will buy any medicine for the patient no matter what is the price of the medicine.

The example depicts inelastic demand.

The price of the care increases as the demand for emergency medicines increases.

ease of payment of the service will increase the demand for the product. Thus, the payment model should be well developed for demand to increase.

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