Healthcare is the literal example of inelastic demand my prof used to teach us the concept. If you die without it, then there is no price where a reasonable actor can choose to stop participating in the market.
Non-fatal health conditions that lots of people put up with. Someone I knew went to ER for first kidney stone, then just endured the pain the second time until they could get a non-emergency appointment, since it’s non-fatal but agonizing, and a non-emergency visit is like 80% cheaper.
Lots of people just accept chronic problems, for example joint pain without seeking medical examination.
Of course, in many cases, hard to make an informed decision on whether it is or is not one of those life or death scenarios in many cases.
Healthcare is the literal example of inelastic demand my prof used to teach us the concept. If you die without it, then there is no price where a reasonable actor can choose to stop participating in the market.
Well, it’s a little elastic.
Non-fatal health conditions that lots of people put up with. Someone I knew went to ER for first kidney stone, then just endured the pain the second time until they could get a non-emergency appointment, since it’s non-fatal but agonizing, and a non-emergency visit is like 80% cheaper.
Lots of people just accept chronic problems, for example joint pain without seeking medical examination.
Of course, in many cases, hard to make an informed decision on whether it is or is not one of those life or death scenarios in many cases.