If Economies of Scope come into play shouldn't this also apply to hospitals? for example shouldn't...
If Economies of Scope come into play shouldn't this also apply to hospitals? for example shouldn't a procedure like open-heart surgery be less expensive today than ten years ago as they are more common? Elaborate.
Homework Answers
Yes, it is true that economies of scale also exist in hospitals such as heart surgery, cancer etc. but they are not cheaper than 10 years ago because we have a perfectly inelastic demand which means even if the price rises in comparison from last 10 years, no matter how advanced technology is, we will go for our treatment as no one will put their life on stake. Pharmaceutical Industry takes benefit of our nature of inelastic demand and they do not reduce price in any case possible until and unless government have implemented a price ceiling.
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If Economies of Scope come into play shouldn't this also apply
to hospitals? for example shouldn't...
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