Assignment topic Question 2
Both illicit and legal drugs are often cited as the classic example of goods which are very price inelastic.
(a) Explain why this might be the case.
(b) Draw a demand curve illustrating price inelastic demand and explain how the curve relates to the definition of price elasticity of demand.
(c) Use the diagram to explain how inelastic demand has implications for pharmaceutical company price setting and revenue.
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