Which product likely has a more in elastic demand a movie ti

Which product likely has a more in elastic demand, a movie ticket or lifesaving medication? Why?

Solution

A lifesaving medication would have a more inelastic demand as it is a necessity and people would be willing to pay more price to obtain same quantity of medication in comparison to a movie ticket which would have a more elastic demand (consumption can be delayed).

Which product likely has a more in elastic demand, a movie ticket or lifesaving medication? Why?SolutionA lifesaving medication would have a more inelastic dema

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