Define own-price elasticity of demand and explain how it is related to the demand curve. Provide four reasons why the demand for medical services is likely to be inelastic with respect to its price

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Question:

Define own-price elasticity of demand and explain how it is related to the demand curve. Provide four reasons why the demand for medical services is likely to be inelastic with respect to its price

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Answer:Explanation:Own price elasticity of demand is the degree of the responsiveness of the quantity demanded due to some change in price, keeping other factor constant.  Price elasticity of demand on a linear demand curve will fall continuously as the curve slopes. The four reasons are:1. Medical aid is enivatble: Because medical services are a necessity for every human beings to live a healthy life, and if their is high change in price with respect to quantity demanded, person cannot ignore to take medical services in bad times or when seriously ill.2. Comparing the actual size of the population, the number of doctors are compartively less.3. The services of medical cannot be prolonged or postponed.4. Love among people- One can be miser in food and clothing, but in diseases they have to take medical help and people will put in the whole money to save his closer one's life, this is the love we people have.

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