When it comes to life saving drugs, one would expect them to be 100% inelastic. But in reality, even though they are inelastic, it’s not hundred percent.

In a short essay explain the factors that contribute to inelasticity of such drugs and the factors the contribute to elasticity of them.

Please add references and in-text citations.

Minimum 500 words

Reference

Managerial Economics & Business Strategy, 9th ed.

Michael R. Baye & Jeff Prince

McGraw-Hill Irwin, 2016

ISBN: 978-1259290619

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