ome economists argue that the price elasticity of demand can be used to determine whether a good or… Show more ome economists argue that the price elasticity of demand can be used to determine whether a good or service is a luxury or a necessity. In medical case, a procedure with inelastic demand would be considered a medical necessity, while care with elastic demand would be considered optional (or elective). Is price elasticity of demand a good way to gauge which procedures are more medically necessary than others? Explain. • Show less