Managerial Economics
In the market for medications, there is a difference in demand for medications that are under patent, medications that have a strong name brand, and medications that are generics. Discuss the differences in demand for these three different types of medications. Be sure to discuss these differences using the concepts of price elasticity of demand, cross price elasticity of demand and income elasticity of demand.
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There exist a difference in demand for medications which are under patent, medications which are generic and the strong name brand medications. Generic medicines are the medicines which can produced by manufacturers who are not the original innovator company due to the…
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