Do you expect the demand for nursing home beds to be price elastic or price inelastic?...
Do you expect the demand for nursing home beds to be price elastic or price inelastic? Briefly support your conclusion (what would be the important factors in determining how elastic the demand will be?). Would you expect a difference in the short run and long run elasticities? Why or why not?
Homework Answers
The demand for the nursing home beds will be price inelastic. Nursing home beds are those goods which the person will need at any cost if he is sick, there is no substitute to it. As there is no substitute available to it the demand for the good will remain inelastic. Second thing which will determine the elasticity is the nature of the good. A person will need a nursing bed only in case of an emergency.
In the long run the demand will be more elastic as there are more substitute available like he can move some other palace for health care. He can arrange for some alternatives. All this will increase the number of substitute the person have and thereby make the demand more elastic.
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Do you expect the demand for nursing home beds to be price
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