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The demand for heart surgery is more price inelastic than the demand for cosmetic surgery. Do you agree? Explain.?
its a managerial economics question provide to me and am confused with the answers
assume both are linear and the demand for heart survey is more price elastic than the demand for cosmetics surgery
- ?Lv 71 month ago
Two factors are playing the great role here, substitution, and time. It will determine how you will response to price changes. The substitution for heart surgery might be rare compare to the cosmetic surgery. Moreover, if you have a heart attack, the time is short for you compared to your beauty. All of these will push you to pay whatever the price is to get your heart fixed first. That is called inelastic.
- ZirpLv 41 month ago
you're supposed to use your own logic here...
what happens if you CHOOSE to not have cosmetic surgery? Not much
what happens if you "choose" not to have heart-surgery? you die quite quickly