Please answer the following questions thoroughly: Some 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 care, a procedure with an elastic demand would be considered optional, or elective, and a procedure with an inelastic demand would be a medical necessity. 1) Should planners use price elasticity of demand as a guide to defining services that are medically necessary? 2) What are the advantages of such a classification scheme? 3) What are the drawbacks?

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