Is insulin elastic or inelastic?

Understand the Problem

The question is asking whether insulin behaves in an elastic or inelastic manner, likely within the context of economics or pharmacology, which involves how its demand or supply changes in response to price changes. Understanding this concept may require an exploration of the relationship between insulin prices and demand.

More Information

Insulin is considered inelastic because it is a necessity for people with diabetes, meaning their demand does not significantly change with price variations.

Tips

A common mistake is confusing necessity goods (inelastic) with luxury goods (elastic).

Sources

• The web page with info on - Example Source - investopedia.com
• Would insulin be considered as perfectly inelastic? - Quora - quora.com
• Is demand for insulin elastic or inelastic? Explain. - homework.study.com