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2.Why is the demand for healthcare products usually inelastic? Why is the demand for an individual firm’s healthcare products usually elastic?
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2.Why is the demand for healthcare products usually inelastic? Why is the demand for an individual firm’s healthcare products usually elastic?

User Ilvez
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Answer:

Demand for healthcare products is usually inelastic because there are no close substitutes for healthcare products. If a person is unwell and needs healthcare, then a small change in price will not lead to a large change in demand as that healthcare is a necessity, not a luxury.

User Siddharth Thevaril
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