Reference no: EM132189928

Question: You may or may not be familiar with the principles of supply and demand. These are common economic concepts which play an important role in public health. Supply refers to the law that when more goods and services are offered, prices also increase. Conversely, as prices decrease so does production of those goods and services. Demand is the law stating that more goods and services are purchased when the price decreases and less when the price increases.

Post a brief example of supply and demand for public health goods and services. Select two factors that might influence price elasticity of demand for public health goods or services in your example. Explain how and why price elasticity might influence the quantity of goods and services demanded in that example.