Why is Tylenol more of an inelastic good?

Tylenol is a drug used to relieve fever and pain. When we say that Tylenol is an inelastic good, we mean that price hikes or cuts have little impact on the total level of demand for Tylenol. The graph below shows elasticity of Tylenol. It is clear that changes in price exceed changes in quantity demanded.

If the price of Tylenol declines, it is unlikely that a healthcare center will order a considerable amount of the good. Also, the price of Tylenol would have to increase significantly before a healthcare institution decides to shift to another brand. These scenarios demonstrate that Tylenol is more of inelastic product.

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