Answer to Question #106985 in Economics for Yarit gomez

Question

Hospital ventilators to help patients breathe are in high demand as a result of the Corona Virus pandemic. In economic terms are ventilators an elastic or inelastic good How does that effect demand Does price matter when it comes to something life saving like an oxygen ventilator Why or why not?

Answer 1

In economic terms ventilators are inelastic good, because the demand for them is high and does not change significantly despite the price. It is a necessity good, as it can save life under current circumstances. The price doesn't matter, when you have to survive