Question

Topic : Health care

Review the determinants of demand and the elasticity of demand for the product(s) of your company. Relate the projection of future demand to the strategic plan of your company, and any other previous sections of the paper being produced.

Attention: Please answer in the form of a paragraph, no bullet points, or numerical and I will rate. Thank you in advance

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Answer 1

Topic: healthcare industry

Factors affecting demand and price elasticity of the products produced in the industry are, Preferences of the consumers, income of the consumers, whether the product is luxury of inferior and others. However, in healthcare industry, demand of medical services are inelastic, this means that demand of services won't change of there is change in the prices of services because no matter what the prices are, people need medical services in case ig emergencies and they will pay any price in order to get treated properly and become healthy.

In today's world, where being healthy is so important, demand of health care facilities seems to be increasing on the future as well. Most of the people in US depends of packed good, and junk food. These food affect the health of the people and they get prone to many diseases. Hence, demand of healthcare industry will increase in near future.

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